19 Aug Liens on vehicles and car title loans means your vehicle is not paid for
One of the things a bankruptcyattorney needs to know to properly advise a client is whether the client owes money on his or her vehicle(s).
While going through the bankruptcy questionnaire with clients, I am frequently told the vehicle is paid for.
But when I get to the question of whether the client owes a finance company, I find out otherwise. The client will tell me he used the vehicle as collateral for a loan. This means the car is not paid for!
The finance company can repossess the vehicle if he or she does not make the payments on the vehicle.
I guess, because the car was paid off at one time, the person believes the vehicle is paid off. It just boggles my mind!
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Jay S. Fleischman is a bankruptcy lawyer with offices in Los Angeles and New York. He can often be found on Google+ and Twitter, where he shares information about consumer protection issues and personal finance.
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