Title-pawn stores ‘keep the indegent bad. ’ Who’s protecting Georgians from financial obligation traps?

Title-pawn stores ‘keep the indegent bad. ’ Who’s protecting Georgians from financial obligation traps?

The bankruptcy filings weren’t fundamentally caused by a title-pawn company, nonetheless they underscore just exactly just how many borrowers check out them in desperation.

The existence of a TitleMax in a filing is mainly symbolic because theoretically they are not a creditor towards the debtor. There is no real “loan” from the title-pawn company, that also currently gets the automobile name at hand.

“There’s no credit file involved and previous history doesn’t suggest such a thing, ” said A.G. Knowles, a bankruptcy lawyer in Macon, explaining as “legal” but “horrendous. ” the title-pawn terms. “People get within these traps and cannot get out, ” he said.

Watson Boulevard western of Robins Air Force Base hosts title that is several companies. Image thanks to The Telegraph.

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