Legal Question in Bankruptcy in New York

Re: bankruptcy question

A promissory note, like most unsecured loans, is dischargeable in bankruptcy. There are certain exceptions to dischargeability of debts. However, unless the creditor claims you committed fraud in obtaining the loan, or that you took the loan with no intention of repaying it, the loan is most likely dischargeable. Please contact my office directly if you would like additional information.

Re: bankruptcy question

I am somewhat flabbergasted that an attorney could give you such incorrect legal information about bankruptcy !!!

A promissory note is absolutely dischargeable in a bankruptcy case (assuming none of the exceptions that you point out apply -- taxes, alimony, etc.)

A typical promissory note, in which you merely acknowledge your agreement to pay back money that you borrowed is absolutely dischargeable in a bankaruptcy proceeding.

That means that assuming you qualify for Chapter 7, you can eliminate this debt totally.

For more information about filing bankruptcy in New York, please see my bankruptcy web site: www.BankruptcyCanHelp.com

You can also get a great deal of information about bankruptcy practice, law and procedure by looking at my bankruptcy blog:

www.LongIslandBankruptcyBlog.com

There is no doubt that when filing bankruptcy you should retain an attorney who is experienced in bankruptcy matters.

Good luck!