Need Help with personal loan AFTER bankruptcy

Edwards Finance > Loans

Q. I live in Vancouver, BC, Canada. I have a question about a loan AFTER bankruptcy. I try to keep the person I lent money to confidential. Let's call him Alpha. So, I know Alpha for some time. On Feb 7, he asked me for money for his printing company. He said he needs to put up some money for his printing project. I said "I personally don't know you very well" and "Have you tried the bank?". He replied "I have my line of credit max out". He promised a high return on investment. He said when he get the previous printing contract paid, a portion of that contract will be given to me. He wrote me a void check and a promise note behind it. He extended many days. Today (March 3), I can't wait anymore and decided to file a small claim against him. I find out that he already declared Bankruptcy in September 2005. Currently the debt has not been discharged. What happens now? Is it a fraud? I don't suppose he should have asked me for a loan. He lied to me about his line of credit and got a loan. I haven't yet filed small claim yeet.

A. The law doesn't prevent this, as far as I know. But it DOES allow for such a thing as a credit report. If you had been able to get one, you'd have seen the lousy credit history. That's why loaning money on a personal basis is a bad idea (because it's hard to get a copy of the report beforehand.) About the best you can probably do is chalk it up to experience and deduct it on your taxes as a bad loan (and then report it to the IRS as income to him (via a 1099 form, I believe?))

Ask Edwards a Finance Question

Other Questions:

A few infomations about bankruptcy California Home Loan .

A few infomations about bankruptcy California Home Loan . How to find ?- I have a hunch that the problem is that you have too much equity in your house to be able to do a Chapter 7 bankruptcy and still keep the house. I you filed, the bankruptc...

had student loan's approx 5 Years ago. Once leaving Uni I was unemployed, then I worked round the country, I have now settled & registered on the Electoral Register. The Debt collectors are now demanding stupid amounts of cash from me, I can...

Federal Income Tax Laws -- Is Dale a scammer ??? I have information I'd like to test upon your statement.- 1. Well, then Dale you can show how you have not paid any taxes because they are wrong and you are right, 2. but I suspect you pa...

...

I have obtained judgement for a some of money (more than 10k) from an individual. I have read www.insolvency.gov.uk but can't locate an appropriate section. Do I still have to serve a Statutory Demand even though a Judgement Order has ...

Edwards Finance Menu

Ask a Question
About Us / Me
Contact Me
Privacy Policy

Sitemap

My Favorite Sites

PFBlog
Google Finance
Yahoo Finance
Motley Fool
Nveille's Financial Blog
AllFinanceMatters
Free Money Finance
2MillionBlog
The Terror Finance blog

Q&A Subjects