Transcript:
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payday loans and title uh loans uh normally on the vehicle for the title loans those uh are a common thing that pops up and yes those can be discharged and payday loans uh very problematic for a lot of people especially when they start getting multiple payday loans. Those are treated just like any other unsecured debt such as a credit card or medical bill. And those are legally discharged. And as soon as the bankruptcy case is filed, uh the person filing doesn’t need to pay those anymore. And uh often they work with us
00:00:37
to ensure that uh that the payday loan company can’t continue to try to withdraw from their bank account. With title loans, if you give the vehicle back then and you decide it’s not worth it, you you don’t want to keep that vehicle, that debt is wiped out uh just like any other debt or credit card or medical bill. However, if you want to keep that car, then yes, the title loan does have to continue to be paid, but most people do that through the chapter 13 payment plan through the court to pay
00:01:15
it back that way because uh it dramatically cuts down on the uh tremendous interest rate uh amounts that are often come with title loans. So yes, title loans and payday loans, bankruptcy is very successful with dealing with those types of debts.
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