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Richard
Richard, Attorney
Category: Bankruptcy Law
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Experience:  Attorney with 29 years of experience.
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Can file bankruptcy on a promissory note if it contains this

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Can file bankruptcy on a promissory note if it contains this sentence "Borrower is providing a personnel guarantee of payment and agrees to pay us no matter what State and Federal laws state and even if bankruptcy is claimed"

I don't want to file bankruptcy and I want to pay his money back. I just need to know if its an option down the road if I become financially unable to pay him back.
Welcome! My goal is to do my very best to understand your situation and to provide a full and complete answer for you.


Good morning. The American Bankruptcy Institute provides: "Courts will not enforce agreements waiving the right to file for bankruptcy or waiving all consequences of bankruptcy. For See, e.g.,In re Weitzen, 3 F. Supp. 698 (S.D.N.Y. 1933), citing Federal Nat ’l Bank. v. Koppel, 148 NE 379 (Mass. 1925);In re Madison, 184 B.R. 686 (Bankr.E.D.Pa.1995) (agreement not to file bankruptcy for certain time period is not binding)." Thus, your lender is not going to be able prevent you from including this note in a bankruptcy filing based on this waiver.


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