Bankruptcy specialist Leon Bayer answers questions that are real-life.
“If you will definitely redeem it, redeem it. However, if you will perhaps maybe not, tell me…”
A few years back we took away a title loan on my vehicle. I will be planning on filing for bankruptcy but want to keep my truck for work – I will be a paint specialist.
My vehicle may be worth not as compared to the blue guide price because, it’s covered with scrapes and paint splatters although it’s in great mechanical condition.
Could I redeem my vehicle in bankruptcy to eliminate the title loan?
Unfortunately, you won’t have the ability to redeem your vehicle in bankruptcy. You have another choice for getting rid of the lien — “avoiding” the lien. I’ll explain what redemption is and just why you can’t make use of it, and just just what avoiding a lien is and just why this could do the job.
What’s Redemption in Bankruptcy?
To be able to redeem a car in bankruptcy, you spend the car title lender the market that is current associated with the automobile.Read More