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.