Friday, February 17, 2012

How to sign a loan that is exempt of bankruptcy? - Finance Learning ...

You cannot do it yourself.

The first step is to have the Congress of the United States of America change the law.

Under current law, the only type of unsecured loan that can be totally exempt from bankruptcy is a student loan. (There are some other types of debts that are also exempt, but are not loans, such as child support.)

If you do word the contract to say that the person cannot void the loan by declaring bankruptcy, then that provision of the contract will be void, and the person will still be able to void the loan by declaring bankruptcy. Additionally, simply such blatantly illegal wording in the contract might void the entire contract, meaning that the person could void the loan even without declaring bankruptcy.

Source: http://www.financelearning.org/credit/how-to-sign-a-loan-that-is-exempt-of-bankruptcy/

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