I owe the bank well over $100,000. I also owe family and friends about $85k. What would happen to the money I owe my family and friedns should I claim bankruptcy?
What happens to money owing to family and friends in a bankruptcy?
Posted on Friday, April 4, 2008
posted by Questions @ 3:09 pm
1 Expert Comment:
At April 14, 2008 |
10:10 pm
, Barton Goth GCO Bankruptcy Trustees Said...
In a bankruptcy family and friends are treated the same as all other creditors. As a result, ifyou have not provided security to these family members and this security properly documented and properly registered, then the debts to your family and friends must be listed in your bankruptcy. Like your other creditors you will be legally cleared from these unsecured debts and are not able to make any payments to any of your unsecured creditors during the bankruptcy.
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