Legal Question in Bankruptcy in Oregon
I loaned a family member a large sum of money. now he is talking about filing bankrupcy. can he file on a personal loan? it is written up as a promissary note.
1 Answer from Attorneys
If your family member files for a Chapter 7 discharge, the answer is probably "yes". The loan must be listed in your family member's bankruptcy petition, and it may be the subject of some scrutiny during the bankruptcy case. On the other hand, if the family member files for a Chapter 13 repayment plan, it is possible that you may be listed as an unsecured creditor, and receive some of the plan payments, depending upon your family member's plan.
Your family member may also choose to pay you back out of a moral obligation. However, if he or she receives a discharge, the legal obligation to repay you is eliminated, and you may not demand payment from him or her.
Justin M. Baxter
Baxter & Baxter, LLP
8835 SW Canyon Lane, Suite 130
Portland, Oregon 97225
(503) 297-9031 (Telephone)
(503) 291-9172 (Facsimile)
Baxter & Baxter, LLP
5635 NE Elam Young Parkway, Suite 300
Hillsboro, Oregon 97124, USA
(503) 681-9752 (Telephone)
(503) 291-9172 (Facsimile)
Baxter & Baxter, LLP
1101 Broadway Street, Suite 213
Vancouver, Washington 98660
(360) 574-5239 (Telephone)
(360) 326-1613 (Facsimile)
http://www.baxterlaw.com
Related Questions & Answers
-
If I get a job after filing Bankruptcy, how does this affect the bankruptcy? Asked 1/11/10, 1:25 pm in United States Oregon Bankruptcy Law
-
Helock loans a friend of mine is able to get two helock loans from different banks... Asked 4/14/09, 11:55 pm in United States Oregon Bankruptcy Law