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What Happens to My Personal Loan After Bankruptcy?

Sawin & Shea

When filing for bankruptcy, you can discharge certain types of personal loans, meaning that you’re no longer legally responsible for paying off the debt. If you’re considering filing for bankruptcy, you need to know what personal loans you can discharge and which filing method best suits your financial situation.

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Can you get a personal loan after a bankruptcy?

Roths Child Law

A bankruptcy can be a good way to get your financial health back on track, but it also comes with some limitations. It may make it so it’s harder for you to get credit or loans in the future, at least for a few years. If you do need a personal loan after your Chapter 7 or Chapter 13 bankruptcy, it may be possible to get it.

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What Is a Personal Guarantee in Bankruptcy?

Sawin & Shea

A common question we receive from those considering bankruptcy is how it impacts personal guarantees. If you’re considering filing for bankruptcy, you need to consult with a bankruptcy attorney before signing a personal guarantee. What Is a Personal Guarantee? Does a Personal Guarantee Survive Bankruptcy?

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What Happens After a Personal Loan Bankruptcy Discharge?

Sawin & Shea

When filing for bankruptcy, you can discharge certain types of personal loans, meaning that you’re no longer legally responsible for paying off the debt. If you’re considering filing for bankruptcy, you need to know what personal loans you can discharge and which filing method suits your financial situation.

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Getting Approved for a Loan After Bankruptcy

Sawin & Shea

Many people assume that because they have filed bankruptcy, their credit is ruined, and they will not be able to qualify for any loans. There are a number of steps you can take to improve your credit score and to make it likely that you can be approved for a loan. This is not true. More on both of those below.).

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Debts That Can’t Be Discharged During Bankruptcy

Sawin & Shea

It’s tempting to believe that filing for bankruptcy is like having a magical wizard wave his wand to make all of your problems disappear. Bankruptcy isn’t rare in the Hoosier state; Indiana has the 7th highest percentage of bankruptcies in the United States, based on population: 22,748 in 2019, or 3.38 per every 1,000 people.

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Who Can Declare Chapter 7 Bankruptcy?

Sawin & Shea

If you’re struggling with overwhelming debts, Chapter 7 bankruptcy could be your best option. Chapter 7 is the most common form of bankruptcy for individuals and families, and it allows you to discharge many of your unsecured debts within only a few months. What is Chapter 7 Bankruptcy?