loans from family

October 21st, 2012 by Questions

If you file for Bankrupcy will personal loans from family be paid off as well?

Posted from: British Columbia


One Response to “loans from family”

, 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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