A Title Loan is a form of short-term lending where you pledge your car as security. The interest rates are astronomical just like a payday loan. We often see rates of 125% or even as high as 200-300%.
You wake up in the morning to get into your car and it is gone. You call the police only to find out it was repossessed. What do you do? Assuming you don't have all the money to get your car back and you want and need your car, there is one easy solution. FILE A CHAPTER 13.
When you went to your car you found the city has installed a boot on the front wheel. What is going on? And, what can you do?
The Illinois Secretary of State can and does suspend individual driver's licenses for various reasons. For many it is impractical to deal with the problem directly. A frequent method of regaining one's driving privileges is filing a Chapter 7 or a Chapter 13.
If you are wondering how automobile loans are handled when you file a Chapter 13 bankruptcy, here are the main points to consider including what to do if the car has been repossessed.
The common question is "will I lose my car?" It is certainly a reasonable concern. This guide goes over the three (3) legal options plus two (2) alternatives.