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Are you asking about car title loans?
for chapter 7, I know regarding our home and its homestead our home won't be taken. None of our vehicles can be taken. but what about a title loan we have on a vehicle. How does that and Ch7 work? Sorry for the confusion.
Thank you for your response.
A title loan is treated the same as a mortgage.
The obligation to pay the loan gets discharged, but the lien remains.
This means the lender cannot try to collect what is owed, but if the debtor stops paying the loan, the lender can take the car.
then how do you remove the lien?
Oh nevermind. So they can't call us anymore and we can still pay a little on it at a time until the balance is paid off, correct?
You cannot remove a title loan lien without paying off the title loan.
You have to continue paying the title loan as agreed, or the lender can take the car.
They cannot call you for the money, but they can take the car.
That is, if you file a Bankruptcy they can no longer call you, but they can still take the car.
If you file a Bankruptcy, they cannot call you for the money if you are not making the payments, but unfortunately they can take the car.
So when you file Chapter 7, where does ones credit score begin at? However, it can't be any worse than it is now.
Great! However, does it start at like 400 450 etc.
That's about right. Hahaha. So is there a MEANS test that we can look at?
Now what if he don't do re-affirmation of the truck that is leased? is that an automatic surrender?
Here is where I am confused. Can we not include the truck in bankruptcy like we do the credit card debt etc.
Ok. Thanks. I'm really sorry. This is mind boggling.