Can you make a loan that cannot be discharged through bankruptcy?
Can you make a loan that cannot be discharged through bankruptcy?
Victor: Is it possible to do a personal loan to somebody that cannot be discharged by bankruptcy?
Attorney Tom Olsen: As far as I know the answer to that is no, Victor. If you want to loan money to somebody that you don't want wiped out through bankruptcy, you would have to secure that loan with a lien against something like a piece of real estate or a car. If you got a lien against a piece of real estate and that person files bankruptcy, they cannot discharge lien against the land.
Victor: Okay. Thank you very much.
Attorney Tom Olsen: All right, Victor. Hopefully, I answered your question for you.