October 21st, 2012 by Questions
If you file for Bankrupcy will personal loans from family be paid off as well?
Posted from: British Columbia
October 21, 2012 at 7:05 am, A licensed trustee said:
You are under a misconception that’s quite common. When you file for bankrputcy no one pays off your debts – they are cancelled. During the procedure you may be required to make payments to your trustee – this money is divided up at the end of the bankruptcy and paid to your creditors on a proportinal basis. If some one was owed 25% of your total debt they’ll get 25% of the moeny that is paid out. In many bankruptcies NOTHING is paid to your creditors…
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