QUESTION
Will my vehicle be repossessed if I file bankruptcy and have a title loan?
Asked on Mar 25th, 2012 on Bankruptcy - Mississippi
More details to this question:
If I file bankruptcy and have a title loan on my vehicle will it still be repossessed?
13 ANSWERS
Bankruptcy Attorney serving Hampton, VA
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Haven Law Group, P.C.
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Not as long as you stay current on your payments.
Answered on Mar 29th, 2012 at 9:36 AM
Bankruptcy Attorney serving Livonia, MI
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Charles J. Schneider, P.C.
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No, but you must make payment to the lien on the car.
Answered on Mar 27th, 2012 at 3:16 PM
Bankruptcy Attorney serving Concord, CA
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William Rubendall Attorney at Law
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In order to keep your vehicle after filing bankruptcy you must remain current in your payments. Also, the lender may require a written reaffirmation agreement to restore the debt. Consult with an attorney as to the effect of reaffirming a debt.
Answered on Mar 27th, 2012 at 12:45 PM
If there is a title loan then you will need to repay it either after chapter 7, or during chapter 13 bankruptcy.
Answered on Mar 27th, 2012 at 11:33 AM
Commercial Bankruptcy Attorney serving Davie, FL
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Law Office of Jeffrey Solomon
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The title loan company cannot repossess because you filed bankruptcy. However, it may be necessary to sign a reaffirmation agreement. You should consult an attorney on this matter.
Answered on Mar 26th, 2012 at 6:26 PM
Samuel Lee Tucker
Title loans are usually for a relatively small amount, with very high interest. When you file a BK your car becomes the Trustee's property, but subject to the secured claim of the tiltle loan company. You can "redeem" your vehicle by paying the fair market value to the trustee. You may be able to work out some sort of reafirmation, but I really don't think a court would approve it or I recommend it.
Answered on Mar 26th, 2012 at 6:24 PM
Usually only if you are behind on payments. If you are current on your car loan and you file Chapter 7, the creditor sends you a reaffirmation agreement to sign and return so you can keep the vehicle.
Answered on Mar 26th, 2012 at 6:20 PM
Daniel James Wilson
Not if you pay.
Answered on Mar 26th, 2012 at 6:16 PM
Alternative Dispute Resolution Attorney serving Ventura, CA
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Zahn Law Office
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Not necessarily. There are a number of options availble to you other than giving the car back to the lender.
Answered on Mar 26th, 2012 at 6:14 PM
Bankruptcy Attorney serving Seattle, WA
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Symmes Law Group, PLLC
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You vehicle will not be repossessed when filing for bankruptcy if you continue to make your payments.
Answered on Mar 26th, 2012 at 6:14 PM
You should discuss this matter with a bankruptcy attorney. Generally, it is possible to reaffirm the car loan and keep the car. Most lenders do not want to repossess the car and would rather be paid. This may or may not be the situation for you depending on your income and history with the lender and the asset exemptions available to you.
Answered on Mar 26th, 2012 at 6:13 PM
Business Bankruptcy Attorney serving Raleigh, NC
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J.M. Cook, P.A.
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Not if you continue to make the payments and reaffirm the debt.
Answered on Mar 26th, 2012 at 6:13 PM
Chapter 7 Bankruptcy Attorney serving Clinton, MS
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Timothy Kevin Byrne Attorney at Law
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Title loans are like pawn shop loans. Your car can be picked up if you do not pay.
Answered on Mar 26th, 2012 at 6:12 PM