Loan Despite Personal Bankruptcy

For a few years, consumers have had the option of filing for personal bankruptcy in the event of over-indebtedness. In short, this means that after the expiry of the current six years, the debtor is completely freed from his remaining debts. In order to achieve this, however, he must meet some important requirements during this conduct phase. This includes not taking up a new loan despite personal bankruptcy. Apart from that, no bank will agree to that. An explanation over at http://jejcrew.com

The good behavior phase

The good behavior phase

During the good conduct phase, the debtor must transfer to the debtors all income above the attachable amount. This usually happens through a trustee or lawyer. Tips give this to the debt counseling, which you should contact anyway anyway.

If there is nothing to complain about during these six years, the debtor can hope that the remaining debts will be issued to him by court order. However, anyone who tries to take out a loan despite personal bankruptcy can be sure that their application will be rejected. Just placing such a loan application is in conflict with the private bankruptcy.

Loans despite personal bankruptcy

Loans despite personal bankruptcy

The debtor will only be able to borrow money from friends or relatives in the event of personal bankruptcy and a financial bottleneck that can no doubt arise during this time. No bank, not even Switzerland, grants the applicant a loan. Private bankruptcy is designed to prevent debtors from paying debts for the rest of their lives. That’s true for companies anyway. But private people have looked into the tube.

With this law, which had been in force for a few years, the debtors were able to breathe again and were debt-free after six years. But that only works if the debtor behaves accordingly. A personal bankruptcy means that there have been difficulties in repaying loans in the past and that debt has occurred. To begin again with a new loan would be criminally negligent and means the result of personal bankruptcy.

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