What happens when you loan money to a friend & he files bankruptcy?

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There is a saying that you should never loan money to friends or family, but the reality is that most of us will do it at some point. If you decide to loan money to a friend, relative, or coworker, you should take time to do the paperwork if you expect to be paid back. It is especially important if your friend or relative may file for bankruptcy protection.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Elissa Westbrook Smith, McDowell Riga Posternock, PC | Attorney Advertising

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