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A variety of factors determine whether or not you’ll be able to discharge all of certain personal loans, including whether the loan is secured or unsecured and whether you file via Chapter 7 or Chapter13bankruptcy. What’s the Difference Between Secured and Unsecured Personal Loans?
Chapter13Bankruptcy is a Federal Bankruptcy Court-sanctioned debt reorganization plan. It works through reorganization, as opposed to liquidation, and you do not have to pass the Chapter 7 means test. Under Chapter13Bankruptcy, you have time and a plan in which to repay your debts.
However, it is important to note that before bankruptcy is declared, lenders can still come after you to get you to pay off the unsecured debt. They may use collectionagencies , or they may sue you (asking the court to garnish wages, take an asset, or put a lien on your home).
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