I need well educated answers re:I funded a personal loan of 70K now he's

  • Thread starter Thread starter happy K
  • Start date Start date
H

happy K

Guest
threating a BK. How to prevent? My son-in-law borrowed 70K for first house. It's been 7 yrs, payments have been fine. Now, since a family feud, he has been trying to bargain on the balance. I said no,I said he can save on interest based on yrs it takes to repay. He has become very ugly and told me he has filed for a BK before and he will do it again. I have since discovered that he did the same thing with prior spouse's mother, then filed. I might add that his brother is a BK atty and close contact of his. Sadly my daughter is staying silent in this. How can I prevent, fight, or do whatever it is to win this. He makes ample $ just doesn't live within his means.
 
The bankruptcy rules have changed a little in the past few years--mostly to make it harder for people who live beyond their means to file.

Of course, once a jerk, always a jerk and I'm sorry he married your daughter. I hope there are no kids.
 
Filling for bankruptcy does not mean that all of his debts wil be wiped away. A bankruptcy judge will try the case and make a ruling. If the judge views that his filing for bankruptcy is abusive of the system or can otherwise be mitigated then it is not likely that he will walk away clean from your loan. More likely is that the judge will recommend a compromise is worked out. Another option that you might consider is arbitration. That is where a non biased, usually professional, third party views all of the details of the situation and afterwards makes a ruling that is legally binding.
 
Back
Top