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I currently have a title loan. If i want to file bankruptcy, could I put that in my bankruptcy?
16 ANSWERS
Family Law Attorney serving Knoxville, TN
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Patel & Eisenhower, PLLC
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Yes you should list is in your bankruptcy petition. However, if it is secured by a vehicle you may have to surrender the vehicle or your may chose to reaffirm. Either way it would be important to speak with an experienced attorney in further detail and discuss all options you may have and how to proceed.
Answered on May 07th, 2012 at 4:19 PM
You can put the loan in your bankruptcy petition, but it is important to remember that if a debt is secured by any property, in this case whatever property the title loan was taken out for, it may be ordered by the court that you must surrender the property. You should also look at the terms of the title loan agreement. A number of lenders now specifically state in the terms of the agreement that the debt cannot be discharged in bankruptcy, meaning that you would still owe the debt even if the bankruptcy is granted.
Answered on May 02nd, 2012 at 1:54 PM
Seth D. Schraier, Esq. Law Office of Seth Schraier 3647 Broadway Suite 4G New York, New York 10031 Cell: (914) 907-8632 www.SchraierLaw.com
Burton J. Green
If by title loan you mean a loan against the title of a motor vehicle, then you can include that loan in a bankruptcy for discharge. However you will normally have to offer to surrender the vehicle to the lender. Some lenders will allow you to keep your vehicle even though you have been discharged of the liability for the loan, but only so long as you make your payments in a timely fashion and provide proof of insurance.
Answered on May 02nd, 2012 at 1:18 PM
I have not heard of a "title loan". However, your bankruptcy petition must include all debts and all assets. So, they are all included in the petition. Whether or not you can keep the property subject to a lien is another question. For that issue, I recommend that you speak to an attorney who can go over your situation specifically.
Answered on May 01st, 2012 at 3:07 PM
Bankruptcy: Creditor Attorney serving Grand Island, NE
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Milner Neuhaus & Judds
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Yes, a title loan is a secured debt, however, because it is a non-purchase lien, it can be discharged and you may be able to keep the vehicle, depending on value.
Answered on May 01st, 2012 at 3:06 PM
Glen Edward Ashman
Yes, but unless you pay it, you will lose the car.
Answered on May 01st, 2012 at 1:16 PM
Yes but it still remains a lien against the vehicle.
Answered on May 01st, 2012 at 1:01 PM
Bankruptcy Law Attorney serving Madison Heights, MI
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Able Legal Services, PLC
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When you file Bankruptcy, all of your debts in the world must be listed. However, their are some debts you may want to keep and continue paying. Like a mortgage or a car loan, but you do not have to , and it is completely voluntary. However, if you do not pay the mortgage or car loan, they can reposess.
Answered on May 01st, 2012 at 12:34 PM
Bankruptcy Attorney serving Houston, TX
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Pamela L. Stewart, Attorney at Law
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You must include the title loan in your bankruptcy, however, to keep the vehicle you will need to continue to make the payments. The bankruptcy does not extinguish the security interest the title loan company has. The bankruptcy only extinguishes your personal liability for that debt.
Answered on May 01st, 2012 at 12:27 PM
Norman Linder Hull
Yes; however, if the title loan is perfected, you will get rid of your personal debt, but if you do not pay the loan, the lender can go after the property. Consult an attorney.
Answered on May 01st, 2012 at 12:26 PM
Bankruptcy Decision Attorney serving San Diego, CA
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Law Office of Daniel G. Shay
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Yes, but the debt and the lien are separate. To obtain Title to the vehicle and avoid repossession the lien must be satisfied.
Answered on May 01st, 2012 at 12:16 PM
Adoptions Attorney serving Middletown, RI
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Joseph F. Hook Attorney at Law
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You are required to list all of your debts in your bankruptcy. Although you may personally receive a discharge of the debt in your name, the lender will be able to recover from any property in which it holds a security interest or mortgage if you do not make the payments.
Answered on May 01st, 2012 at 12:12 PM
Immigration Attorney serving Arlington, TX
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Law Office of Pho Ethan Tran, PLLC
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You must disclose all your debts when you complete your bankruptcy petition, including the title loan. I've never personally dealt with title loans before, but I believe they file a lien on the title when the loan is granted. Thus, when you file for bankruptcy, the loan company maintains a security interest on the property that must be paid or they may seize the property.
Answered on May 01st, 2012 at 11:46 AM
You don't have a choice about what debts you "put in your bankruptcy". The law requires that you list all of your assets and debts. The question is whether the debt can be discharged in bankruptcy. I suspect since it's a title loan the lender took a security interest in your vehicle (or other property) at the time it lent you the money. If so, the lender has a "secured claim" because the loan is "secured" by your property - i.e. there is a lien on your property securing the repayment of the loan. Secured creditors are treated more favorably in bankruptcy than unsecured creditors. Merely filing bankruptcy is not going to effectuate release of the lien. Liens ride through bankruptcy unaffected. You need to speak to a lawyer. Don't file bankruptcy without an attorney.
Answered on May 01st, 2012 at 11:45 AM
Bankruptcy Attorney serving Phoenix, AZ
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Law Office of D. L. Drain, P.A.
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The law requires that you list all your debts, which would include the title loan. The real issue is - did the lender properly perfect a lien on your vehicle. If yes, then you cannot keep the vehicle unless you pay for it. If no, then it is yours but you will need to deal with the trustee. It is very important that you talk to a competent bankruptcy attorney before filing your bankruptcy.
Answered on May 01st, 2012 at 11:44 AM
I am not familiar with a "title loan." If by that you mean you obtained a loan and in exchange for it allowed a lien to be placed on a car title, for example, then the debt would be Discharged in a Chapter 7 but the lien would not. You would still either have to pay for the vehicle (redeem or reaffirm) or allow it to go back to the creditor if rejecting the debt.
Answered on Apr 30th, 2012 at 4:44 PM