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Does Bankruptcy include personal loans?

In: Personal Finance, Loans, Bankruptcy Law, Personal and Payday Loans, Money Management [Edit categories]

Answer:

Lets start with - a thing doesn't file BK...a this or a that...YOU file bankruptcy. It involves EVERYTHING you owe and everything you own. It is not limited to some aspect - like medical debts or credit cards or the secured property debts of your life.

Some certain things may be exempt (or treated specially) from being used to pay a debt, and some debts may not be able to be cleared (like child support, student loans). A secured debt, that is one that has a right to a certain asset, has first call on the funds from the sale of that asset....and if that isn't enough, any additional amounts can be claimed as unsecured debts owed, and provided by other assets.

But the important thing to start is you do not pick and choose what you want to include...because just like your question...you would include the loan (and every debt)...but not the property, or assets!

Under Chapter 13 Bankruptcy, if you qualify, you will pay back the debts under a payment plan and keep the assets, while protected by the court from seizure actions.

First answer by IamLostRU. Last edit by Cherish7. Contributor trust: 1 [recommend contributor ]. Question popularity: 2 [recommend question].

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