Legal Question in Bankruptcy in Michigan
What happens to the interest owed on a debt once bankruptcy has been filed?
What happens to the interest owed on a debt once bankruptcy has been filed?
Asked on 2/07/98, 8:27 pm
1 Answer from Attorneys
Daniel Press
Chung & Press, P.C.
Interest in bankruptcy
If the debt is discharged, the interest is as well. If the debt is not discharged, interestis generally not discharged either. If the debt is secured, the secured party is entitledto foreclose if the terms of the securityagreement, including interest, are not complied with.
Answered on 2/08/98, 3:41 pm
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