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.
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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