Can Personal Loans Be Included in Bankruptcy?

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Personal loans from friends, family, or employers fall under common categories of debt that can be discharged in the case of bankruptcy. A discharge releases individual borrowers from the legal obligation to pay previously existing debts. Other types of dischargeable debt include credit card charges, accounts from collection agencies, medical bills, past due utility bills, and dishonored checks and civil court fees not deemed fraudulent.

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Original Article Source Credits:  Investopedia ,

Article Written By:  Barclay Palmer

Original Article Posted on:  Jun 28, 2021

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