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Can I file bankruptcy on a car title loan?
Is there any way to file for bankruptcy with a car title loan? I got a car title loan a few months ago, but now I need to file for bankruptcy.
Liz Jenson · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Dealing with finances can be tricky, especially when lenders are involved. While you can file for bankruptcy on a car title loan, you might lose your car in the process.
In Chapter 7 bankruptcy, you get rid of personal liability for loans. However, car title loans use your car as collateral. Even if you aren’t responsible for the loan—your lender will still have a
lien
on your car. You may still be able to redeem your car by paying your lender the market value of the vehicle in a lump sum.But if you file for Chapter 13 bankruptcy, you may be able to redeem your car with more reasonable terms. Depending on your situation, Chapter 13 may even allow you to spread your payments over a longer period of time.
For help reducing your monthly payments, start saving on car insurance with
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