Could you still get money if you file bankruptcy? 17 Answers as of June 09, 2011

I am considering filing for bankruptcy, but I need money right away. Are there loans that I could take now while I am filing for bankruptcy?

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George Hoselton Bankruptcy Attorney
George Hoselton Bankruptcy Attorney | George Hoselton
Bankruptcy is complicated and very individual to the person. Our advice and recommendations for you is based on your entire circumstance. There is a free consultation to come in and speak with our office where we can give you specific advice on your situation. I apologize that I am unable to answer this question for you at this time. We look forward to hearing from you. If you are located in Oregon, please do not hesitate to contact me.
Answer Applies to: Oregon
Replied: 6/9/2011
Jackson White, PC
Jackson White, PC | Spencer Hale
You could probably take out a secured loan on a vehicle. If you do this make sure the lender properly perfects the security. You could also take a loan from a family member. I doubt you could get a loan elsewhere as you would need to disclose your intent to file bankruptcy.
Answer Applies to: Arizona
Replied: 6/7/2011
Bird & VanDyke, Inc.
Bird & VanDyke, Inc. | David VanDyke
Probably no. Their is nothing in the bankruptcy rules which say yo cannot get credit during BK but I think it would be hard to get someone to lend you money while your bk is going on because of the potential of having this debt discharged with all the other debts.
Answer Applies to: California
Replied: 6/8/2011
Burnham & Associates
Burnham & Associates | Stephanie K. Burnham
There are two issues with loans while filing Bankruptcy. First, obtaining a loan knowing that you have no intention of paying it back is fraud and should the Creditor object to you discharging their debt - it will not go away with Bankruptcy. Second, if you have already filed, you will not be able to get a loan.
Answer Applies to: New Hampshire
Replied: 6/8/2011
Apple Law Firm PLLC
Apple Law Firm PLLC | David Goldman
When you file bankruptcy there is a prohibition on obtaining additional credit. In certain cases, you can petition the court for an exception. You should talk with a bankruptcy lawyer regarding your circumstances and discuss the options.
Answer Applies to: Florida
Replied: 6/6/2011
    Rosenberg & Press
    Rosenberg & Press | Max L. Rosenberg
    You can attempt to take out loans after filing bankruptcy, however any attempt to obtain credit with the intention of discharging the debt or in contemplation of bankruptcy prior to filing may be non- dischargeable and worse grounds for dismissal of your bankruptcy and grounds for an adversary proceeding. Thanks for tuning in.
    Answer Applies to: Connecticut
    Replied: 6/7/2011
    Ashman Law Office
    Ashman Law Office | Glen Edward Ashman
    Depending on how you do that, you could end up in jail for fraud, and you probably will get denied a discharge. Once you intend to file, you are likely committing civil or criminal fraud by getting loans.
    Answer Applies to: Georgia
    Replied: 6/7/2011
    Janet A. Lawson Bankruptcy Attorney
    Janet A. Lawson Bankruptcy Attorney | Janet Lawson
    That would be a big fat "no.' You can't get loans when you know you are going to file bankruptcy. That is fraud on the creditor.
    Answer Applies to: California
    Replied: 6/6/2011
    Baldwin, Valley & Wallace
    Baldwin, Valley & Wallace | Helen Clare Wallace
    No, generally speaking, you cannot take out loans when you are contemplating bankruptcy. If you would like to talk further about your situation, please feel free to contact me.
    Answer Applies to: Ohio
    Replied: 6/6/2011
    Law Office of Maureen O' Malley
    Law Office of Maureen O' Malley | Maureen O'Malley
    Loans taken out soon before filing must be disclosed. If you borrow without intent to repay, the creditor can ask that your case be dismissed for fraud. If you borrow, tell the lender, and sign a document with the court promising to repay, it might be acceptable. But then what would have been the point of filing bankruptcy?
    Answer Applies to: Virginia
    Replied: 6/6/2011
    Law Office of L. Paul Zahn
    Law Office of L. Paul Zahn | Paul Zahn
    Yes, you can apply for loans prior to filing, but you will likely not be able to discharge them and will still be obligated to pay them back. Otherwise that would be fraud. If you are looking for an attorney and are in my area, please contact me for a free consultation.
    Answer Applies to: California
    Replied: 6/6/2011
    The Schreiber Law Firm
    The Schreiber Law Firm | Jeffrey D. Schreiber
    Obtaining credit knowing you are going to file for bankruptcy is considered fraudulent and debts obtained by fraud cannot be discharged in bankruptcy.
    Answer Applies to: California
    Replied: 6/6/2011
    The Law Office of Mark J. Markus
    The Law Office of Mark J. Markus | Mark Markus
    If someone is willing to lend you money, sure. But if you know you will be filing bankruptcy, the loans you take out prior will likely be non-dischargeable.
    Answer Applies to: California
    Replied: 6/6/2011
    Law Offices of Michael T. Krueger
    Law Offices of Michael T. Krueger | Michael Krueger
    The short answer is no. Existing loans can be "kept current" under bankruptcy, but that only means that you agree to pay according to the existing terms of the loan.
    Answer Applies to: California
    Replied: 6/6/2011
    Dearbonn Law Offices
    Dearbonn Law Offices | Ajibola Oluyemisi Oladapo
    It will be hard for you to get a conventional loan with a bankruptcy. Your best option if you file bankruptcy is a "loan shark". ( you pay back with very high interest rates and within a short period of time).
    Answer Applies to: Washington
    Replied: 6/6/2011
    Bankruptcy Law office of Bill Rubendall
    Bankruptcy Law office of Bill Rubendall | William M. Rubendall
    Getting a loan within 90 days of filing bankruptcy is presumptively fraudulent. It would likely be a nondischargeable debt. You should not take a loan immediately before filing.
    Answer Applies to: California
    Replied: 6/6/2011
    Law Offices of Joseph A. Mannis
    Law Offices of Joseph A. Mannis | Todd Mannis
    Not a great idea. If you get a loan before you file your bankruptcy, then you must list that loan as a debt. The creditor is quite likely to then file a Motion for Non-Dischargeability, seeking to declare that debt non-dischargeable, since you obtained it knowing you were going to file or that you were insolvent. So, unless you are prepared to pay that loan, its not a great plan.
    Answer Applies to: California
    Replied: 6/6/2011
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