My question involves bankruptcy in the state of: FL
Debtor gives the physical title to his car away and in return gets cash and has a legal obligation to pay off the loan. If the debtor files Chapter 7 in FL and the car is worth $1,000 there is a FL law that allows the debtor to keep said car.....BUT from my understanding this terminology of 'keep your car' is misused and misunderstood. In this title loan situation, I believe the debtor is free of legal obligation to pay back the loan but the title loan company can legally repossess the car. I'm guessing if I owe my neighbor money and file bankrupcty, that is the time I can invoke the $1,000 exemption in FL. I believe there is another wildcat exemption for personal property up to $4,000 if you don't own real estate/homestead exemption, but that doesn't apply for several reasons here.
Questions:
1) Can a debtor still have their car repossessed by a title loan company after finishing a Chapter 7 bankruptcy filing?
2) Who by legal standards owns the car once you secure a title loan and give them your physical title?
Thanks.
Debtor gives the physical title to his car away and in return gets cash and has a legal obligation to pay off the loan. If the debtor files Chapter 7 in FL and the car is worth $1,000 there is a FL law that allows the debtor to keep said car.....BUT from my understanding this terminology of 'keep your car' is misused and misunderstood. In this title loan situation, I believe the debtor is free of legal obligation to pay back the loan but the title loan company can legally repossess the car. I'm guessing if I owe my neighbor money and file bankrupcty, that is the time I can invoke the $1,000 exemption in FL. I believe there is another wildcat exemption for personal property up to $4,000 if you don't own real estate/homestead exemption, but that doesn't apply for several reasons here.
Questions:
1) Can a debtor still have their car repossessed by a title loan company after finishing a Chapter 7 bankruptcy filing?
2) Who by legal standards owns the car once you secure a title loan and give them your physical title?
Thanks.
Chapter 7: Car Title Loan - Who Owns Car After Bankruptcy
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