Arkadelphia, AR asked in Bankruptcy for Arkansas

Q: Is it possible to file bankruptcy on an endowment loan my son used for welding school?

His granddad took out this endowment before he died. My son also signed for this loan bc he couldn't get a loan approx $18,000 for 9 month trade school for welding. They are garnishing my son's weekly check 1/3 of it he barely can make it now financially. Can he file bankruptcy in Arkansas on this?. I do not understand what an endowment loan is. I know his granddad got it and both signed his granddad passed away what can we do?

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1 Lawyer Answer
Timothy Denison
Timothy Denison
  • Bankruptcy Lawyer
  • Louisville, KY

A: Possibly. You need to have your son consult an experienced bankruptcy attorney to handle this. He can NOT do tho himself.

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