Need help with an answer please

July 15th, 2009 by Questions

I am in a situation now where bankruptcy is probably my only option. My question is… about 4 months ago I made a personal loan of $10 000. I was well capable of making those payments. My financial situation has changed tremendously and I can no longer make those monthly payments along with the rest of all of rest. So if i decide to go bankrupt, will i be obliged to pay that loan because it was done not soo long ago?
Please advise,

Posted from: New Brunswick


One Response to “Need help with an answer please”

, A licensed trustee said:

The loan will automatically be included in your bankruptcy, but you should expect to explain exactly what you did with the money you received and the crediotr will probably compare the information you provide to your trustee with the credit application you filled out for them 4 months ago – if there are discrepancies you’ll have to explain them. It will then be up to the creditor to decide if they think you acted inappropriately when you borrowed the money.

Make sure you discuss this in detail with your trustee BEFORE you file. Surprises are bad, particularly during legal procedures.

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