What will happen to unsercured personal loan if i file bankruptcy? Will it stay or disapear?

Question by Pozko: What will happen to unsercured personal loan if i file bankruptcy? Will it stay or disapear?
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.

Best answer:

Answer by sfuller94
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 plan 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.

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25 comments

  1. Let me steer you says:

    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 chapter 13) because your attorney will show you how to protect yourself. If you qualify for a chapter 7, then it just all disappears.

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  4. psucxs400 says:

    If you file Chapter 7, the personal loan (assuming it truly is unsecured – meaning that you have not listed 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 fact that you have filed a Chapter 7 bankruptcy can stay on your credit report up to 10 years.

  5. Declaring bankruptcy is by far an ‘easy way out’ of financial difficulty. It shouldn’t be an option to take lightly, and it wont make your problems disappear. I’d advise, more than anything, to get in touch with a financial advisor to discuss your options. Declaring bankruptcy will only be a viable option if your income and assets are below a certain level in relation to your debts. Don’t be afraid to ask for advice off independent professionals, they are there to help – and, it may be that declaring bankruptcy isn’t your only option!

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