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Homebuilder Jay
Homebuilder Jay,
Category: Bankruptcy Law
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will i have to pay bank loans

Customer Question

i have been diagnosed with ms and may need to stop working i have bank loans with no insurance my wifes salary will not cover all of the debt will the bank wipt the loans
Submitted: 7 years ago.
Category: Bankruptcy Law
Expert:  Homebuilder Jay replied 7 years ago.
Thank you for using Just Answer!

Unfortunately, banks are not going to wipe out debt because of lost jobs or illnesses. Your best option will be to contact each of your lenders and notify them of the situation and that it is possible you may not be able to work anymore. The lenders may be able to restructure your payments or increase the length of the loans to accommodate you. The worst thing would be to do nothing and just let bills fall into default. Communicate with the lenders and see what options they can provide you.

You should also look into if you qualify for any sort of aid due to your illness. Social Security offers some programs that you may qualify for if you have worked long enough. I am attaching a link for your review.

http://www.ssa.gov/d&s1.htm

Feel free to post any follow-up questions you may have.