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Are the title loans part of bankruptcy? Advertiser Disclosure Advertiser Disclosure We are an independent, advertising-supported comparison service. Our aim is to assist you make better financial choices by providing you with interactive financial calculators and financial tools as well as publishing original and impartial content. We also allow you to conduct research and compare information for free and help you make sound financial decisions. Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. How We Earn Money The offers that appear on this site come from companies that compensate us. This compensation may impact how and where products appear on this website, for example for instance, the sequence in which they be listed within the categories of listing and other categories, unless prohibited by law for our loans, mortgages, and other home loan products. This compensation, however, does not influence the information we provide, or the reviews that appear on this website. We do not contain the vast array of companies or financial deals that could be open to you.



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3 min read Published on March 7, 2023.
Written 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.







The edit was done by Rhys Subitch Edited by Auto loans editor

Rhys has been editing and writing for Bankrate since the end of 2021. They are committed to helping readers gain the confidence to control their finances by providing concise, well-studied information that breaks down complicated topics into manageable bites.









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If you're struggling with debt or need money to pay for bills, bankruptcy may seem like a good way to gain access to cash fast. However, what if your financial problems get out of hand and you resort to filing bankruptcy to settle your debts. What happens to the vehicle you pledged to secure the title loan? Depending on whether you pursue , it may be possible to include your title loan in bankruptcy filings and then have the loan be discharged or restructured in order to provide more manageable payments. But you may also lose your vehicle if you cannot maintain 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 and personal loans as well as promissory notes. As part of the procedure, your property that is not exempt will be auctioned off, with the proceeds will be used to repay creditors. A title loan, however, isn't an unsecured debt; it's an unsecured debt . If you are able to borrow money with the title of your car loan, you sign over the vehicle to the lender to secure the loan. In simple terms you signed your pink slip the car in exchange for some money. As secured loan the title loan cannot be dismantled under Chapter 7 bankruptcy. "Although state laws vary however, generally every secured loans remain in the same position," says Michael Sullivan who was a former personal financial consultant with Take Charge America, a nonprofit credit and financial counseling firm. Because the loan remains in force, you'll have to pay it in totality or negotiate an acceptable payment plan together with the lender who holds the title loan. If neither of these options is available, you can also choose to . There are other instances where courts will allow titles 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 does not like the lending of predatory lenders, and title loans are often considered to be precarious," says Hawkins, adding that in some cases the court may "rewrite the loan to a market rate that is based on the value of the vehicle, and then have the lender be able to make installments over time in order that the borrower is able to keep the vehicle as an option for transportation." Bankrate tip
Be sure to keep making the payments before, during and after the bankruptcy case is closed to keep from repossession.


Title loans or Chapter 13 bankruptcy Chapter 13 bankruptcy is restructuring your debts. The process also includes secured debts, such as car title loans and mortgages. The process of Chapter 13, some unsecured debts can be granted forgiveness. Those that are not forgiven are reorganized, and are repayable over time. "Chapter 13 lets you make a repayment program where you make monthly payments into a trustee. This means that at the conclusion period of repayment, you have paid either an amount equal to the market price of the vehicle based on the date the case was filed ... or total owed or lower," says New Jersey bankruptcy lawyer Edward Hanratty. In the Chapter 13 filing, you could also be able lower the amount of the monthly installment payment you're required to pay in order to lower the cost of these payments. In addition, if the interest rate for the title loan is excessive and you're unable to pay it off, you might be able reduce the rate as part of your Chapter 13 process, says Dai Rosenblum, a Pennsylvania bankruptcy attorney. Though there is still the risk of losing your vehicle an element of Chapter 13 bankruptcy filings, there are many options available for restructuring your debts to prevent that from happening. Inform your lawyer of your title loan upfront When pursuing bankruptcy with the help by an attorney you need to be transparent about the assets you have, as well as all of your current debts and obligations, such as your Title loan. In the absence of revealing the title loan could lead to more challenges. "When you file for bankruptcy, you state -- subject to perjury penalties that you've listed every asset, including the car, and every loan even that of the credit card loan," says Rosenblum. "Also, a lawyer can't fix a problem if they don't even know that it exists." Furthermore, hiding debts during a bankruptcy case can result in the case being dismissed. "Or in the most extreme scenario, it could result in jail time in bankruptcy for fraud" Hanratty says. Hanratty. "It's better to be safe than sorry about this." The main point is that car title loans can be resolved through bankruptcy, but how this type of debt is dealt with will depend on whether you're going to pursue Chapter 7 or Chapter 13 bankruptcy. The options include having the debt restructured, paying entire amount back or even surrendering the vehicle to the lender. Before taking any action, consult with a bankruptcy attorney who can help you sort through the options and decide on the best course of action.


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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.



Edited by Rhys Subitch Edited by Auto loans editor

Rhys has been writing and editing for Bankrate since late 2021. They are passionate about helping readers gain confidence to take control of their finances by providing clear, well-researched data that is broken down otherwise complicated subjects into digestible pieces.






Auto loans editor




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