2007-11-20 13:54:56 · 11 answers · asked by Anonymous in Business & Finance ➔ Credit
Yes it is...........
2007-11-20 14:00:30 · answer #1 · answered by Anonymous · 0⤊ 1⤋
Depends how you do it.
If you take out the loan, you can then give the money to the people who have been declared bankrupt, you are then effectively acting as a guarantor. Payments are made via you and you will be the one in trouble if payments are not kept up. Be careful as some loans will prohibit this arrangement
If however you are suggesting lying on the loan forms in some way this would be illegal and you would open yourself up to prosecution.
2007-11-20 22:05:12 · answer #2 · answered by Pete 2 · 0⤊ 0⤋
If you take out a loan you will have to repay it. Should you choose to lend it to a bankrupt then that is your risk.
The bankrupt would only be breaking the law if he hid the fact that he was a bankrupt
2007-11-20 23:26:28 · answer #3 · answered by Anonymous · 0⤊ 0⤋
You cannot take out a loan in someone else's name no matter what their credit status is. If you do, you are committing fraud and could spend time in jail. If you are looking to take a loan out in your own name and you've declared bankruptcy, it is legal...it does not mean you will get the loan, but that instance would be legal.
Hope this helps.
2007-11-20 22:00:38 · answer #4 · answered by E.T. Barton 5 · 0⤊ 1⤋
No but they would be pretty stupid if they did as they would have to repay the loan and get the money back from the bankrupt.
2007-11-20 22:13:22 · answer #5 · answered by Anonymous · 0⤊ 0⤋
I'm not sure what you are asking. Is it possible to get a loan after bankruptcy, yes. (depending on which chapter you file, you usually can't file again for 7 years, I have heard that with the new bankruptcy laws you can't apply for new credit for a few years..but check on it, I am not sure)
If you are asking if you can take out a loan in someone elses name...NO, that could equate to forgery, grand theft, larceny etc, etc etc. (serious jail time)
2007-11-20 22:08:55 · answer #6 · answered by superloanlady 2 · 0⤊ 0⤋
Yes.
In fact whe you are bankrupt you can still take out the loan.
Being bankrupt means that you are given a clean slate but it also means that you have no credit history and you have to re etablish credit.
2007-11-20 23:19:40 · answer #7 · answered by Jake 3 · 0⤊ 0⤋
Its not illegal but it not smart financial move. This person has already declared bankruptcy and that show they are irresponsible with money and impractical so why trust them with more money. They must show at least one or two years of responsibility before they can be trusted with money again. Its a painful process but necessary for them to move forward.
2007-11-20 22:03:07 · answer #8 · answered by treatsinlife 2 · 3⤊ 0⤋
Never mind illegal, it should be impossible! By taking out a loan FOR someone they would have to be named. If you are doing it in your name but for them to spend then it's YOUR loan but if you put on the form "For house improvements" and they find out it is not" then, any falsifications on the forms are deemed as "obtaining money by deceit" a criminal offence!
2007-11-20 22:00:30 · answer #9 · answered by BackMan 4 · 2⤊ 1⤋
I think you need to clarify your question
2007-11-20 22:15:22 · answer #10 · answered by BILL 7 · 0⤊ 0⤋
yes.
2007-11-20 22:52:00 · answer #11 · answered by !!! 7 · 0⤊ 0⤋