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  1. #1

    Default Registration Loans and Chapter 13 Bankruptcy

    My question involves bankruptcy in the state of:AZ Under Chapter 13 , does the interest rate on a registration loan remain the same, or can it be lowered in the repayment plan?

  2. #2

    Default Re: Registration Loans and Chapter 13 Bankruptcy

    It can be lowered, if you ask for it in your plan. The lender can object, and then it will be up to the judge.

  3. #3

    Default Re: Registration Loans and Chapter 13 Bankruptcy

    Thank you so much. I appreciate your time to help me....maybe it's not said enough on here...but you are all amazing the way you give your time to help people who are just needing a little help and information. Thank you again.

  4. #4
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    Sep 2010
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    Default Re: Registration Loans and Chapter 13 Bankruptcy

    Yep, the rate can be "cramdowned." A registration loan is unsecured (unlike a title loan). It could be reduced to nothing (secured loans get reduced to a few points over the current prime).

  5. #5

    Default Re: Registration Loans and Chapter 13 Bankruptcy

    I had never ever used anything like this, so it was hard to distinguish in my research.....because there are payday loans, title loans, registration loans and personal loans...so now I have some idea. You guys are just awesome. I wish I could give you some advice....cooking, baking, gardening, arts...I'm your gal. lol

  6. #6
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    Sep 2010
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    Default Re: Registration Loans and Chapter 13 Bankruptcy

    It's not a matter of it being personal or not. The question is whether there is a security interest or not. A regular car loan, a title loan, a house mortgage, etc... all are secured by some property (a house, a car, whatever). The bank can come take the property (repo the car, foreclose on the house) if the loan is not paid. A payday loan, credit cards, registration loans, and most other debts are unsecured. There's nothing to back up the loan but the borrowers ability to pay.

    Secured loans can have their rates dropped to the prime plus a few points (three I think). Unsecured loans can have their rates dropped to zero.

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