Happy Holidays from The Carroll Law Firm

Happy Holidays From Our Family to Yours

Another Problem with Borrowing Money from Family

During the holiday season families get together and enjoy the season and family togetherness.  This is a time to hope and dream, and for many of us hope includes a better financial future, or a new business venture.  When a member of the family is struggling financially, or has big dreams that are bigger than their wallet, they often ask their family to help with a loan.  You can find a lot of reasons to avoid loaning money to, or borrowing money from family, but in case you do not have enough, here is one more.  Bankruptcy.  When you are considering bankruptcy you often consider whether there are things that you can do prior to filing bankruptcy to make it easier on you and your family.

Paying a family loan prior to filing bankruptcy could be a problem.