Legal Question in Bankruptcy in Michigan

Loaned money with promissory note

I loaned someone money and now they are trying to include it in a bankruptcy despite the note saying they ''would not include it.'' The person apparently does not have a copy of the note anymore.

Can they include my loan if I don't send them a copy (requested by the borrower, not lawyer)?

What can I do to NOT have my loan included?


Asked on 12/14/08, 7:15 pm

3 Answers from Attorneys
Jerrold Bartholomew Priority Elder Law and Estate Planning, PLC

Re: Loaned money with promissory note

There is nothing you can do to have the note excluded from the bankruptcy and the provision to have it excluded from the bankruptcy would be void as against public policy. The only way would be for the borrower to reaffirm the debt after bankruptcy, but he or she has no reason or obligation to do that. Sorry.

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Answered on 12/14/08, 7:18 pm
Audra Arndt Audra A. Arndt & Associates, PLLC

Re: Loaned money with promissory note

You may wish to hire a bankruptcy lawyer, such as myself, to review your documents and determine if you have a basis for objecting to the dischargeability of the debt. Please contact me if you'd like to retain me.

Thanks.

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Answered on 12/14/08, 7:30 pm
Lesley Hoenig Lesley A. Hoenig, Attorney at Law

Re: Loaned money with promissory note

Was that provision in the loan because you knew this person would file? How recently did you provide the loan to this person? Such a provision would not be enforceable. However depending on when you loaned the money you might have a way to prevent discharge. I'd recommend consulting with a bankruptcy attorney.

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Answered on 12/15/08, 1:00 am


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