I need a 10K loan. Suggesstions?

[CoachK]

Help. I am only 3 months past discharge (Ch.7), but I am in need of a 10K loan to pay off some personal loans (family members). Does anyone have reasonable suggesstions?

[SinkingFast]

You do not wanna take on new debt. That's what landed you in BK in the first place. You need to reform your living habits or you'll be back in worse shape than before.

Work out a strict budget for living. Tally up your disposable income amount. Work from there.

You can divide your disposable income/mo by the number of people you owe and pay everyone the same amount/mo. When the smallest loan is paid in full then start adding the additional $$$'s to everyone elses payments. Next smallest gets paid off, add the $$$'s to the remaining people's payments.

That method would require very good book keeping. Also, many people don't wanna be nickled and dimed to be paid back. They'd rather get it all at one time.

If you want to go the "Paid in Full" route, set aside the money some place where you won't spend it. Hold it until you can pay one person in full. Then move on to the next person. Start with the smallest first and work your way up the ladder leaving the biggest for last. That way, you'll have a sense of accomplishment as you pay each one in full.

Please do not post duplicates in several areas of the Forum. You're more likely to get the answers you need and help keep the Forum better organized by posting in one Section only.

[FilingOnMyOwn]

Help. I am only 3 months past discharge (Ch.7), but I am in need of a 10K loan to pay off some personal loans (family members). Does anyone have reasonable suggesstions?

Yeah. Pay them in cash. With the same type of payments you would have paid on a loan.

[BassBoy]

CoachK,

I've found that it can be hard to get a personal loan after CH.7 (I haven't tried.......it's what I've read). Not a lot of lenders willing to give a loan to someone in our position without any collateral.

SinkingFast has given you some great advice on how to pay off what you owe. You know, if these are family members, surely they would be willing to work with you a little, considering what you just went through.

[tradewiz50]

Help. I am only 3 months past discharge (Ch.7), but I am in need of a 10K loan to pay off some personal loans (family members). Does anyone have reasonable suggesstions?

First off how did you not include family loans into your bankruptcy? All debts must be listed when you filled.

[BassBoy]

Loop hole

First off how did you not include family loans into your bankruptcy? All debts must be listed when you filled.

First, CoachK has not stated whether or not these debts were in fact listed and/or would still like to make good on them. You can pay on a discharged debt afterwards if you voluntarily choose to do so.

Anyways, this is a loop hole. You can adjust certain expenses to make up some of the money. My friend is filing Ch.7 in early Oct and has a loan from a family member and was able to adjust a few of their expenses (gas, groceries and etc.) in order to "hide" the monthly payment to this family member. I am totally against this because that's perjury when you take the oath that your petition is accurate to the best of your knowledge. On the other hand, if you have a loan with a family member, you don't want to create hard feelings and ruin the relationship by not paying them back. But again, I DO NOT recommend fudging numbers.