QUESTION
If a person in family was loaned $15,000 and a few years later filed bankruptcy, and now okay to pay, should he?
Asked on Aug 11th, 2017 on Bankruptcy - California
More details to this question:
This is a personal loan to our son who sees no responsibility. He claimed bankruptcy after we loaned him the money. He is doing well now and could pay it back. His bankruptcy absolved him of any debt ever, even if we loaned it long before he used up the money.
6 ANSWERS
He may have a legal obligation to pay the debt, but he has no legal obligation. This is a sad commentary on today's young people.
Answered on Oct 23rd, 2017 at 10:40 AM
Commercial & Bankruptcy Law Attorney serving Powell, OH
at
Ronald K. Nims
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Yes, he can repay the money. The bankruptcy took away the legal obligation to pay but he may feel a moral obligation to repay family members.
Answered on Oct 20th, 2017 at 6:57 PM
Bankruptcy Attorney serving Grand Rapids, MI
at
David Andersen & Associates, PC
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Your son doesn't have to pay the debt because he discharged the obligation in his bankruptcy filing. Your son could pay back the money if he wanted to voluntarily but is not required to.
Answered on Oct 20th, 2017 at 6:57 PM
Bankruptcy Law Attorney serving Livingston, NJ
Partner at
Law Office of Stuart M. Nachbar, P.C.
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By law, he has no obligation to repay you, if he was a Chapter 7 and had no reaffirmation agreement filed on that debt.
Answered on Oct 20th, 2017 at 6:56 PM
There is no legal basis to collect the debt that was discharged in bankruptcy.
Answered on Oct 20th, 2017 at 6:56 PM
Unfortunately, it would be illegal for you to ask him to pay back the loan. You cannot take any action to collect the debt. He can voluntarily pay you back, but only if it is his own decision. You cannot ask anyone else to talk with him about it, either. Maybe someday he will do the right thing voluntarily.
Answered on Oct 20th, 2017 at 6:56 PM