Does anyone know of any creative and legal way to escape from an unsecured loan ?
Transfer of liability to trust/ company, etc....
Cheers.
Transfer of liability to trust/ company, etc....
Cheers.
Unsecured Loan
- Thread starter LearningMan
- Start date
Thanks ... but as each day goes past ... this is not an option !
Secured vs unsecured is only relevant when it comes time to petition the borrower into bankruptcy. Secured gets first dibs and unsecured gets whats left.
If you are unsecured creditor you can still get an order for the sheriff to impound and sell the car, boat, house, whatever. Its just slower and more expensive, which means that the borrower might have a bit more negotiating power (but not much).
If you are unsecured creditor you can still get an order for the sheriff to impound and sell the car, boat, house, whatever. Its just slower and more expensive, which means that the borrower might have a bit more negotiating power (but not much).
LM,
am guessing that you mean some way to assign the debt to another entity, so it is no longer against you personally?
The only way I can think of to pull it off would be to pay it out.
If you just need some breathing room for a few months, have you considered using a credit card to pay out the debt, and then a balance transfer to another card at a low rate (0% even)?
I've done that before where I've had money coming, debts already, and needed to align the two.
am guessing that you mean some way to assign the debt to another entity, so it is no longer against you personally?
The only way I can think of to pull it off would be to pay it out.
If you just need some breathing room for a few months, have you considered using a credit card to pay out the debt, and then a balance transfer to another card at a low rate (0% even)?
I've done that before where I've had money coming, debts already, and needed to align the two.
OK - thanks everyone.
