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Are titles loans included in bankruptcy? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our goal is to help you make better financial decisions by offering interactive tools and financial calculators that provide objective and original content. We also allow users to conduct research and compare data for no cost - so that you can make sound financial decisions. Bankrate has agreements with issuers such as, but not restricted to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Profit The products that are featured on this site come from companies that pay us. This compensation can affect the way and when products are featured on this site, including for instance, the sequence in which they appear in the listing categories in the event that they are not permitted by law. Our loans, mortgages, and other home lending products. This compensation, however, does have no impact on the information we provide, or the reviews that appear on this website. We do not include the universe of companies or financial offerings that could be available to you.



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3 minutes read. Published 7 March 2023.
Writen by Mia Taylor Written by Contributing Writer

Mia Taylor is a contributor to Bankrate and an award-winning journalist who has two decades of experience and worked as a staff reporter or contributor for some of the nation's leading newspapers and websites including The Atlanta Journal-Constitution, the San Diego Union-Tribune, TheStreet, MSN and Credit.com.







Editor: Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate since the end of 2021. They are dedicated to helping readers gain confidence to take control of their finances through providing concise, well-studied information that breaks down complicated subjects into bite-sized pieces.









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If you're struggling with financial trouble or require money to pay your bills, it can appear like a great way to access cash quickly. But what if your money problems get out of hand and you end up filing bankruptcy to pay off your mounting debts. How will the vehicle you signed over as collateral for the car title loan? If you decide to pursue , it may be possible to include your title loan in a bankruptcy filing and get the loan discharged or restructured to allow for more manageable monthly payments. You could also lose your vehicle if you are unable to meet loan repayment terms. Title loans as well as Chapter 7 bankruptcy Chapter 7 bankruptcy are often referred to as liquidation. In Chapter 7 filing, unsecured debts can be discharged. This includes credit card debt, medical debt as well as personal loans as well as promissory notes. As part of the process, the property you are not exempt from will be auctioned off, with the proceeds used to pay off the creditors. A title loan, however, isn't an unsecured debt; it's an unsecured debt . If you are able to borrow money with an auto title loan you give the car to the lender as security for the loan. In simple terms you signed the pink slip to your vehicle in exchange for a sum of money. As secured loan the title loan cannot be dismantled under Chapter 7 bankruptcy. "Although the laws of each state differ, typically the majority of secured loans remain in the same position," says Michael Sullivan who was a former personal finance consultant for Take Charge America, a nonprofit credit and financial counseling agency. Because the loan is still in force, you'll require to repay it in its whole or come up with an acceptable payment arrangement with the lender who owns the title loan. If neither is possible, you can opt to . There are other instances where courts will allow the title loans to be addressed as part of Chapter 7 proceedings, says Lamar Hawkins, a bankruptcy attorney at Guidant Law and member of the Arizona Board of Legal Specialization's Bankruptcy Law Advisory Commission. "The bankruptcy court disfavors the lending of predatory lenders, and title loans tend to be expensive," says Hawkins, saying that in some instances the court may "rewrite the loan at a market rate dependent on the worth of the vehicle, and then have the lender be able to make payments over time, so that the borrower is able to retain the car and use it as a means of transportation." Bankrate tip
Be sure to keep making your payments prior to the time the bankruptcy case has ended to keep from repossession.


title loans or Chapter 13 bankruptcy Chapter 13 bankruptcy is restructuring your debts, and this process also includes secured debts, such as car title loans and mortgages. As part of Chapter 13, some unsecured debts can be granted forgiveness. The ones that aren't forgiven are reorganized and have to be repaid over time. "Chapter 13 permits you to make a repayment program where you pay money every month to a trustee. In other words, at the end period of repayment, you have either paid the fair market value of the car in accordance with the date on which the case was filed ... or amount owed in the case of lesser," says New Jersey bankruptcy attorney Edward Hanratty. As part of the Chapter 13 filing, you may also be able to reduce the amount of monthly installment payments you have to make in order to reduce the cost. In addition, if the interest rate for the title loan is very high and you're unable to pay it off, you might be able reduce the amount of interest you pay as part of the Chapter 13 process, says Dai Rosenblum, a Pennsylvania bankruptcy attorney. Though there is still the risk of losing your vehicle as an element of Chapter 13 bankruptcy filings, you'll have a lot more options to reduce your debt in order to avoid this from happening. Talk to your lawyer about your title loan prior to filing bankruptcy with the assistance by an attorney it's important to be transparent about all of your assets, and also all current debts and obligations including your title loan. Not revealing your title loan could lead to more challenges. "When you file for bankruptcy in bankruptcy, you declare under the perjury penalty -- that you have listed every asset, including the vehicle, and each credit, even the loan on your title loan," says Rosenblum. "Also, a lawyer can't solve a problem if they don't know it exists." Furthermore, hiding debts during a bankruptcy case could result in its dismissal. "Or in the most extreme scenario this could lead to jail time as a result of bankruptcy fraud" states Hanratty. "It's safer to be secure instead of regretting it." The bottom line Car title loans can be resolved by filing bankruptcy, however the way this type of debt is handled will be contingent on whether you're going to pursue Chapter 7 or Chapter 13 bankruptcy. The options are having the debt restructured or repaid, paying the debt back entirely or surrendering the vehicle to the lender. Before taking any step, make sure you consult an attorney for bankruptcy who can help you navigate the options and decide on the best option for you.


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Written by a Contributing Writer

Mia Taylor is a contributor to Bankrate and an award-winning journalist who has two decades of experience and worked as a staff reporter or contributor for some of the nation's leading newspapers and websites including The Atlanta Journal-Constitution, the San Diego Union-Tribune, TheStreet, MSN and Credit.com.



Editor: Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate from late 2021. They are dedicated to helping readers gain the confidence to take control of their finances through providing clear, well-researched facts that break down otherwise complicated subjects into digestible pieces.






Auto loans editor




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