Personal loan and bankruptcy?
admin | Mar 30, 2010 | Comments 2
I’ve received about $80.000 personal loan, 5 months ago. I’ve been paying this loan every month. Recently I got unemployed, and because of my terrible habit of gambling, I lost all the money I on loan. I know its stupid, but that’s the sad truth of my life. Can I declare bankruptcy at this point?! Will I be forgiven and avoid loan payments in the future?!
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Filed Under: Bankruptcy
You should consult an attorney or financial adviser.
Yes, you can declare bankruptcy. You may be required to repay 10% of the personal loan unless you can prove that this will be a hardship. You will have 5-10 years to pay..