FAQ: Should I Borrow From Relatives To Pay My Bills?

Susanne M. Robicsek
NC Attorney Concentrating In Bankruptcy Law
Since 1988
(704) 377-0776

NC Bankruptcy Lawyer in Charlotte North Carolina for Chapter 7 / Chapter 13

Should I Borrow from Relatives?

Borrowing from relatives and being unable to pay them back is a big mistake people make when desperate to pay bills. If someone can't pay the original loans, medical bills, credit cards, car or house payment then it shouldn't be a surprise when they can't repay their loved ones. If this is money that the family member needed, now they are in the middle of the problem.

Another bad mistakes is having a friend or family member borrow money for you that neither you nor they can repay. If the family member took a loan on their house, then they now face loss of their home trying to help someone pay bills they couldn't afford to pay themselves. 

Sometimes people end up hurting those they love the most.

Bankruptcy can help people get control of their own finances before they pull their friends or family into the middle of their financial problems. Chapter 7 bankruptcy might be able to make unsecured (no collateral) bills like credit cards, loans, payday loans, and medical bills go away. Chapter 13 can also eliminate unsecured debts, or it can set up an affordable repayment plan for those debts. Chapter 13 can also stop repossessions or foreclosures, and give people time to catch up on their debts. Best of all, bankruptcy may provide a solution that leaves friends and relatives out of the picture.

Next: Aren't People Who File Bankruptcy Bad People?

Aren't People Who File Bankruptcy Bad People?

1701 Scott Avenue Charlotte North Carolina 28203
phone: 704 / 377-0776
fax: 704 / 377-0775

DISCLAIMER: This message is intended as a general discussion of legal issues and not as a statement of fact, legal advice or a legal opinion. Personal opinions may also be expressed. No attorney-client relationship is created by this message. Do not act or rely upon law-related information in this communication without seeking the advice of an attorney licensed to practice in the relevant area.

The Law Office of Susanne M. Robicsek is
a Federally Designated Debt Relief Agency
under the Bankruptcy Code.
I file bankruptcy cases for people in financial need,
and have been doing so since 1989.

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Charlotte NC Bankruptcy Lawyer Concentrating In Consumer Bankruptcy Since 1988
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