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Terry L.
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Experience:  Better Business Bur 15yrs bankruptcy experience. Chicago Bar
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On what schedule (D or F) do you list Title Loans for a vehcile

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On what schedule (D or F) do you list Title Loans for a vehcile? Is there any way to get rid of that loan (specific document), and keep your vehicle? It does not sound like a debt that needs to be reaffirmed?
Please completely answer the questions. I would be more than happy to give a bonus.
Submitted: 4 years ago.
Category: Bankruptcy Law
Expert:  Terry L. replied 4 years ago.
If the creditor is holding the title, they are a secured creditor and belong on schedule D of the bankruptcy petition. You cannot unfortunately get rid of the debt and keep the car. You can walk away from the car if you no longer want it, discharge the debt and go get something else, your second option is keep it as is, and pay the loan on the loan terms, finally, you can buy the car from the lender for the fair market value, and discharge the rest of the debt (if the car is worth less than the balance owed) this is called redemption. If you don't have the funds to do this, there are lenders available to do it, google 722 redemption and they will pop up. Thanks and good luck.
Customer: replied 4 years ago.

Terry thank you for your answer and it is very helpful, however if you can answer one more thing. To redeem at the market value, when the car is worth less than the loan... Does any motion or document need to be filed to get the lender to accept the market value and give back the title?

What fee is additional for this question, I will gladly pay.

Expert:  Terry L. replied 4 years ago.
Yes, the redemption is done by motion to the court, and the judge will issue an order for the payoff and a timeline to do it, and an order to then release the title back to you. Thanks.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2569
Experience: Better Business Bur 15yrs bankruptcy experience. Chicago Bar
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