Can an unsecured personal loan to our son-in-law be discharged in bankruptcy? 12 Answers as of July 07, 2017

Son-in-law borrowed $15,000 to pay off several pay day loans. He has been very slow on repaying.

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Ronald K. Nims LLC | Ronald K. Nims
So, your son-in-law was spending more than he was making and even the rip off king payday places wouldn't loan him any more money, and you stepped in a gave him another $15,000 to plow through. Did you think he was suddenly going to become sober and temperate? Of course, he will discharge this debt in bankruptcy, he didn't care about you when he was spending the money, why do you think he cares about you now that it's gone.
Answer Applies to: Ohio
Replied: 7/7/2017
Stephens Gourley & Bywater | David A. Stephens
Yes, unless there was fraud involved.
Answer Applies to: Nevada
Replied: 7/5/2017
A Fresh Start
A Fresh Start | Dorothy G Bunce
Sure, that is exactly the kind of debt that gets discharged in bankruptcy.
Answer Applies to: Nevada
Replied: 7/5/2017
Janet A. Lawson Bankruptcy Attorney
Janet A. Lawson Bankruptcy Attorney | Janet Lawson
He can discharge the loan in bankruptcy. But worst of all, if he pays you and files for bankruptcy the trustee can take that money away from you and distribute it evenly between all his other creditors. Any payment to you (his family members) is considered a "preference." The look back period on this is one year.
Answer Applies to: California
Replied: 7/5/2017
GARCIA & GONZALES, P.C. | Richard N. Gonzales
Answer Applies to: Colorado
Replied: 7/5/2017
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