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How can I legally get out of my title loan and yet keep the

Customer Question
car JA: What state is this...
How can I legally get out of my title loan and yet keep the car
JA: What state is this in? And how old is the car?
Customer: The car is a 2013 Chev traverse and I am in Nebraska
JA: Have you contacted the manufacturer?
Customer: Why the Manufacturer
JA: Anything else you want the lawyer to know before I connect you?
Customer: What Lawyer?
Submitted: 5 months ago.Category: Legal
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Customer reply replied 5 months ago
My Title loan is with Mid America Title Loans
Customer reply replied 5 months ago
I am 12 days past due
Customer reply replied 5 months ago
Actually 7 days
Answered in 27 minutes by:
7/16/2017
Lawyer: Alex J. Esq., Attorney at Law replied 5 months ago
Alex J. Esq.
Alex J. Esq., Attorney at Law
Category: Legal
Satisfied Customers: 16,724
Experience: Experienced Licensed Attorney
Verified

Hello. My name is ***** *****

Thank you for your question.

I will be happy to provide you the information you are seeking for educational purposes only.

Generally, once Title Loan is signed by the vehicle owner, the only way to be able to avoid the vehicle from being repossessed and sold at an auction by the title Loan company, is for the owner to make sure that either all the payments are made on time or the entire loan is paid off according to the title loan agreement or in some cases, it might be able to negotiate some type of a different repayment plan of the loan with the title loan company, but only if the title loan company agrees to such different repayment plan in writing.

I wish you the best of luck!

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Customer reply replied 5 months ago
Can bankruptcy stop the process
Lawyer: Alex J. Esq., Attorney at Law replied 5 months ago

Thank you for your follow up.

No. Generally bankruptcy would not discharge any loans secured by a collateral, such as a car and while the title loan company might be delayed by the bankruptcy court from repossessing the vehicle, at the end, the title loan company would be able to have the vehicle distributed to them by the bankruptcy court if the loan is not paid off.

I wish you the best of luck!

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Customer reply replied 5 months ago
If it is paid of in bankruptcy it could be settled correct
Lawyer: Alex J. Esq., Attorney at Law replied 5 months ago

Thank you for your follow up.

Can you please clarify your follow up question above?

Are you asking if the debt can be paid off in full during bankruptcy?

If you can pay off the title loan in full, then why would you consider bankruptcy?

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Customer reply replied 5 months ago
I need time is why I can't pay it off now I need to restructure the payments but I am afraid they will not consider that. The title loan is 300% interest
Lawyer: Alex J. Esq., Attorney at Law replied 5 months ago

Thank you for your follow up.

Generally, filing of the bankruptcy would only stop repossession for 30-60 days, during which the creditor, such as title loan company would be able to obtain "relief from bankruptcy state" and would be able to repossess the vehicle that was used as a collateral and also the title loan company could not be forced to modify the payment amount or payments terms or interest and has an option to repossess the car that was used as collateral.

I wish you the best of luck!

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Alex J. Esq.
Alex J. Esq.
Alex J. Esq., Attorney at Law
Category: Legal
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