Question : What will happen to unsercured personal loan if i file bankruptcy? Will it stay or disapear?
I am not sure if i file for bankruptcy or not? I have about 20,000$ credit cards debts, and i have also 20,000 unsecured personal loan.
- asked by Pozko
All Answers:
Answer #1
To be a candidate for Bankruptcy, your debts needto exceed your assets by a certain amount. Itvaries with each state. But, just because youdeclare bankruptcy, does not mean your debtsdisappear. The courts can mandate a payment planthat you must follow. Remember that bankruptcymay stop the bill collectors from calling but it'snot without cost. A bankruptcy will stay on yourcredit for around 10 years.
- answered by sfuller94
Answer #2
It will disappear. The type of bankruptcy you canfile depends on your income. You might have topay some of it back, but it's a very small amount(under chapter 13) because your attorney will showyou how to protect yourself. If you qualify for achapter 7, then it just all disappears.
- answered by Let me steer you
Answer #3
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- answered by Frank
Answer #4
I would visit
http://diylegalinfo.com/bankruptcy_Links.html Theyhave a lot of good information on bankruptcyquestions.
- answered by Allen
Answer #5
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- answered by MARY SMITH
Answer #6
If you file Chapter 7, the personal loan (assumingit truly is unsecured - meaning that you have notlisted any property as collateral on the loan)will be discharged along with your other unsecureddebts. The loan itself will not "disappear"; youwill be discharged from your legal responsibilityto pay the debt. The fact that you have filed aChapter 7 bankruptcy can stay on your creditreport up to 10 years.
- answered by psucxs400
Answer #7
www.debtbills.com
- answered by Debtgurus
Answer #8
Check the site thoroughly. It’s an excellentsite with some wonderful options for you. It willdefinitely help you. Have alook.
http://bankruptcy-info.we.bs/
http://www.loan-house.info/2009/09/choosing-right-bankruptcy-attorney.html
- answered by Thunderwave
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