What will happen to unsercured personal loan if i file bankruptcy? Will it stay or disapear?
admin | Mar 30, 2010 | Comments 8
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.
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Filed Under: Bankruptcy
To be a candidate for Bankruptcy, your debts need to exceed your assets by a certain amount. It varies with each state. But, just because you declare bankruptcy, does not mean your debts disappear.
The courts can mandate a payment plot that you must follow. Remember that bankruptcy may stop the bill collectors from calling but it’s not without cost. A bankruptcy will stay on your credit for around 10 years.
It will disappear. The type of bankruptcy you can file depends on your income. You might have to pay some of it back, but it’s a very small amount (under the boards 13) because your attorney will show you how to protect yourself. If you be eligible for a the boards 7, then it just all disappears.
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I would visit http://diylegalinfo.com/bankruptcy_Links.html They have a lot of excellent information on bankruptcy questions.
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If you file The boards 7, the personal loan (assuming it truly is unsecured – meaning that you have not programmed any property as collateral on the loan) will be discharged along with your other unsecured debts. The loan itself will not “disappear”; you will be discharged from your legal responsibility to pay the debt. The detail that you have filed a The boards 7 bankruptcy can stay on your credit report up to 10 years.
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