Car Title Loans
November 4, 2022
A car title loan is supposed to be a short-term loan. But the steep interest rates make it almost impossible to pay off. The debt soon doubles or triples. Then the repo man comes to take your vehicle.
We Can Help – Complimentary Bankruptcy Consultation
If you are in this situation, call the law firm of Robert J. Adams & Associates. We will help you file for bankruptcy protection to save your car and deal with your debt. Our Illinois bankruptcy lawyers have helped many clients in Chicago and Lake County escape from the heavy burden of car title loans.
A SHORT-TERM LOAN BECOMES A LONG-TERM NIGHTMARE
Car title lenders prey on desperate people with poor credit. They loan cash with your car as collateral. A typical car title loan (also called a title pawn) is for 15 to 30 days at an interest rate or 25 percent or more. If you can’t pay off the loan on time, it can be renewed month to month. This adds up to a 300 percent annual interest rate, which they don’t tell you in the fine print. A loan for $2,000 quickly becomes a debt of $4,000 or more, with no hope of paying it off.
Many lenders also require you to provide a key to your car for easy repossession if you stop making payments. If they don’t get their money, they get your car.
CHAPTER 13 BANKRUPTCY FOR CAR TITLE LOANS
Our attorneys can take quick action to get you into a Chapter 13 bankruptcy. From the day that you file for bankruptcy, lenders can no longer harass you for payment or repossess your car. If your car has already been repossessed, it may be possible to get back.
In Chapter 13, you pay back part of your debts over time, based on your ability to pay. It gets creditors off your back and gives you financial breathing room. Just as importantly, it lets you keep your vehicle that you need for family and employment reasons. In fact, Chapter 13 can restructure your original car loan to reduce the payments, interest or duration.
GET A COMPLIMENTARY CONSULTATION
If you are in over your head from car title loans, payday loans, signature loans or other debts, there is relief. We provide affordable terms for filing bankruptcy, including Low Cost for qualified earners.
Is your car title loan becoming a nightmare? Do you want to get rid of the car title loan and pay back your debts peacefully? Call Robert J. Adams & Associates based in Chicago, IL to discuss your financial issues with our experienced debt relief attorneys. We have offices located in Waukegan and Lake County, Illinois and we also help clients in surrounding areas. We have experience aiding people with bankruptcy, debt relief, foreclosures, repossessions, paycheck garnishments, collections suits, payday loans, parking tickets, license suspensions, income tax problems and much more. For a debt free NEW START, call today to speak to our experienced bankruptcy lawyers and debt relief attorneys. We can help you file for Chapter 13 Bankruptcy for car title loans and get the creditors off your back in no time.