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title loans/payday loans

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R

rgnist11

Guest
What is the name of your state? IL

We have a title loan that secures the title of our car against a loan amount that is pennies on the dollar to what the car is actually worth. (Basically, I have a car worth $3,000 - paid in full and gave the title to the car to a title loan joint for a $600 loan. The loan so far has cost me over $1200.00 in interest without even touching the principal. My question is - since the money lent to us was not purchase security money, if we file bankruptcy, do we automatically lose the car (our only method of transportation to work) or does the title loan company fall into a non-secured debt for the purposes of federal bankruptcy?
 



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