Filing bankruptcy to deal with only one creditor might seem extreme, but title lenders are often a “wolf in sheep’s clothing.“ Sometimes you need to take extreme measures like filing bankruptcy to deal with the threat.
Several years ago I represented a single mother who made the mistake of taking out a car “title loan.” She didn’t think about the terms–her family was in trouble and needed money fast. She didn’t have any savings, but her car was paid for so she went to the one place she could get money quick–the nearest title lender.
My client needed $1,000, but only earned $1,200 per month. No problem! The title lender gladly loaned the money because her car was worth over $3,000. She didn’t even need a credit check. Wow!
Problem was that the loan was made at the rate of
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