QUESTION
Can I take out a secured loan to pay my bankruptcy attorney fees?
Asked on Oct 25th, 2013 on Bankruptcy - Georgia
More details to this question:
I want to take out a loan to hire an attorney. It will be secured by my car and I will pay it back. Is this ok?
9 ANSWERS
If you qualify for bankruptcy, chances are that your credit score is low you may have difficulty getting a loan from an institution.
Answered on Oct 29th, 2013 at 8:49 PM
This should be fine, and many of my clients do just that so they can get a fresh start. Just be sure you do have enough money in your budget to repay this debt, because I would hate to see you lose your ride.
Answered on Oct 29th, 2013 at 8:49 PM
bankruptcy Attorney serving Paul, ID
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Paul N. J. Ross Law, PLLC
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Technically it is allowed, but I do not recommend it. There are some issues, but they tend not to come up.
Answered on Oct 29th, 2013 at 8:49 PM
Consumer Bankruptcy Attorney serving Los Angeles, CA
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Orantes Law Firm
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Taking out a loan secured by your car to fund your bankruptcy attorney fees with the knowledge that you will pay it back is not improper.
Answered on Oct 29th, 2013 at 8:49 PM
Richard hirsh
If properly documented it is possible to proceed in that fashion.
Answered on Oct 29th, 2013 at 8:49 PM
You need to be careful and before you do this, talk to an attorney. There are complications with this option, depending on what chapter bankruptcy you are going to file. Generally, it is never a good idea to borrow money just before filing a bankruptcy, but there are some exceptions under certain circumstances. Fat advice from the attorney you want to hire.
Answered on Oct 29th, 2013 at 8:49 PM
William Rhymer
Legally, you can do it but you must disclose it in your case. If you reaffirm the debt and pay it back it should not be a problem. However, you would only want to get a loan like that in an emergency type situation.
Answered on Oct 29th, 2013 at 8:48 PM
Should be ok based on your limited facts presented.
Answered on Oct 29th, 2013 at 8:48 PM
Bankruptcy Attorney serving Florissant, MO
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Law Offices of Thomas Corcoran Phipps
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You should make sure that it is secured by the company. You should also tell the company what you plan to do with the money. And make sure you want to keep the car.
Answered on Oct 29th, 2013 at 8:48 PM