Hello all,
I am new here but have found this forum to be an invaluable resource and a great community.
I will be filing soon. Most likely It will have to be a Ch. 13, although not sure yet.
I will be seeing a couple of lawyers next week and will be asking this.
I have an interest free loan, from my employer for $3000 that is being repaid via bi-weekly payroll deduction over 3 years. I signed a promissory note, and it states that if my employment is terminated it is due immediately and they will deduct from my last wages whatever is due, and anything still owed will be due within 8 days. There is no mention of bankruptcy.
Is this considered a secured loan, or unsecured? If I qualify for Ch.7 how will it be treated? Obviously I don't want to create any problems with my employer.
I've searched for any similar issues in existing threads, but had no luck.
I also have a loan against my 403b (401k for not-for profits) on which I still owe $4500. How is this handled in each case, Ch. 7 and Ch. 13? I did find some info on 401K loans, but still not clear.
Thanks!
I am new here but have found this forum to be an invaluable resource and a great community.
I will be filing soon. Most likely It will have to be a Ch. 13, although not sure yet.
I will be seeing a couple of lawyers next week and will be asking this.
I have an interest free loan, from my employer for $3000 that is being repaid via bi-weekly payroll deduction over 3 years. I signed a promissory note, and it states that if my employment is terminated it is due immediately and they will deduct from my last wages whatever is due, and anything still owed will be due within 8 days. There is no mention of bankruptcy.
Is this considered a secured loan, or unsecured? If I qualify for Ch.7 how will it be treated? Obviously I don't want to create any problems with my employer.
I've searched for any similar issues in existing threads, but had no luck.
I also have a loan against my 403b (401k for not-for profits) on which I still owe $4500. How is this handled in each case, Ch. 7 and Ch. 13? I did find some info on 401K loans, but still not clear.
Thanks!