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Personal Loans: Unsecured personal loans from banks or creditunions are usually dischargeable. Non-Dischargeable Debts While many debts can be discharged in bankruptcy, some types cannot be eliminated. Generally, attorney fees are treated similarly to other unsecureddebts.
If you fail to repay an unsecured personal loan, the lender cannot repossess your assets. The Chapter 13 plan reorganizes your various debts, including personal loans, into a monthly payment plan that lasts three to five years after your filing date. You can apply for a new personal loan immediately after your discharge.
The reason why creditors prefer you file Chapter 13 is because Chapter 7 bankruptcy discharges unsecureddebts after the trustee liquidates nonexempt assets. This means that unsecured creditors, such as credit card companies, won’t receive what the debtor owes.
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