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  1. #1
    Join Date
    May 2012
    Posts
    1

    Default How to Lend Money So That You Can Collect it Despite Borrower's Bankruptcy

    My question involves bankruptcy in the state of: CA
    I am redrafting a promissory note to someone that I loaned money to. They did not show up to small claims court. To avoid the appeals process, and to protect myself in case of bankruptcy, is there a stipulation that I can draft into the new promissory note to ensure payment responsibility in the event of bankruptcy?
    Thank you.

  2. #2
    Join Date
    Sep 2010
    Posts
    478

    Default Re: Personal Loan Protection for Lender

    In a word. . .

    NO

    You cannot force someone to sign away their right to file bk. Any attempt to do so is simply unenforceable.

    If you did not want to risk a default you should not have loaned the money. You are not a bank. Next time you loan money make sure you get some collateral to protect yourself in the event of default. Better yet, don't loan money.

    Des.

  3. #3
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default Re: How to Lend Money So That You Can Collect it Despite Borrower's Bankruptcy

    So your plan is to convince this person to sign a promissory note, then file a satisfaction of judgment because you are collecting by virtue of lending this person money to cover the judgment debt that they owe you? Why?

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