| Personal loans are typically unsecured debts and unsecured debts are generally 100% dischargeable in a chapter 7 bankruptcy filing. If the personal loan is a secured debt, meaning you pledged property as collateral, you will have the choice of either keeping the property and continuing to pay on the loan, or relinquishing the property and having the loan discharged. Your bankruptcy lawyer will be able to advise you regarding personal loans and how the bankruptcy filing will affect them. Payday loans are becoming increasingly more common these days. Payday loans are unsecured debts and are therefore 100% dischargeable in a chapter 7 bankruptcy filing.
|
