Q: Can I keep loan repayments being paid to me for money owed from a loan I gave a business if I file bankruptcy?
Or will it be counted as extra monthly income, or will the full amount still owed be counted as an asset and taken away from me? My only other income and assets are exempt,(social security and Florida State employee retirement and an IRA) and I qualify for Chapter 7. I would hate to lose all of the principal repayments because it took me three years to get a consent judgment to make them start paying on the debt again. One of the reasons for the bankruptcy.
A:
Without looking at your complete financial picture it is hard to make a definitive answer, but usually promissory notes are assets which belong to the bankruptcy estate. It truly depends on your particular status and the status of the debt to you. I hope you are not contemplating a DIY case, because it is issues like this that need the attention of a professional.
Good Luck
d
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