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  • Spectacular!

    I liked your fast, friendly service. You were all knowledgeable in the area of bankruptcy. Your treatment of me as a client was spectacular! You were great at promptly responding to my questions and concerns. I loved that you provided courteous and quick responses to all my questions.
    --Donna
  • Highly Recommended!

    I have worked with Seth and he is the utmost professional in how he works with his clients. If you need an attorney you can trust I would highly recommend the Law Office of Seth Hanson.
    --David
  • Very Professional.

    Everyone was very professional and efficient. Seth, and everyone that I had contact with were very knowledgeable. I was very pleased with how we were treated by his staff. My questions were always answered promptly. I was very pleased with the service I received and would not hesitate to refer someone to your firm.
    --Anonymous
  • Non-judgmental.

    You were very open and answered all of my questions. You never made me feel like I was asking a dumb question. I was comfortable with your knowledge of the law. It was hard for me to make this decision to move forward in my life. Everyone was friendly to me and respectful. Non-judgmental. Every question I asked was answered promptly and appropriately. I would recommend you.
    --Anonymous
  • More Than Expected!

    I found the firm's representation to be more than what I expected. I was always kept in the loop, all my questions were answered (whether or not I asked more than once the same question), and I felt completely supported by the firm staff when going through this (at times) scary ordeal. Thank you again.
    --Joanna
  • Very Impressed!

    I liked that you had very friendly, caring staff. You were all very knowledgeable. Your treatment towards me was excellent and you quickly responded to all my concerns. If a friend asked of your overall impression, I would say that we were very impressed and we would recommend you to them.
    --Danielle

Bank Loans And Bankruptcy

Bank Loans and Bankruptcy

Bank loans are a common source of funding for individuals and businesses alike. They can be used for a variety of purposes, including purchasing a home, starting a business, or consolidating debt. However, if a borrower is unable to repay their loan, it can lead to bankruptcy.

Bankruptcy is a legal process that allows individuals or businesses to eliminate or restructure their debts. Bankruptcy is usually a last resort for borrowers who are unable to meet their financial obligations. When a borrower files for bankruptcy, their assets are liquidated to pay off their creditors. Depending on the type of bankruptcy, the borrower may be able to keep certain assets, such as a primary residence.

Bank loans and bankruptcy are interconnected in several ways. First, when a borrower files for bankruptcy, their outstanding bank loans are usually included in the list of debts that are discharged or restructured. This means that the borrower is no longer obligated to repay the loan. However, it also means that the lender may not be able to recover the full amount of the loan.

Second, bankruptcy can affect a borrower’s ability to obtain future bank loans. Bankruptcy stays on a borrower’s credit report for up to ten years, which can make it difficult to obtain new credit. Additionally, lenders may view borrowers who have filed for bankruptcy as high-risk, and may be less willing to lend to them.

Finally, bankruptcy can also impact a lender’s bottom line. When a borrower defaults on a loan, the lender may be forced to write off the loan as a loss. This can impact the lender’s financial statements and may lead to a decrease in profits.

To minimize the risk of bankruptcy, borrowers should carefully consider their ability to repay a loan before taking it out. Borrowers should also make sure that they understand the terms of the loan, including the interest rate and repayment schedule. If a borrower is struggling to repay their loan, they should contact their lender to discuss their options, such as a loan modification or forbearance.

In conclusion, bank loans and bankruptcy are closely intertwined. While bank loans can provide valuable funding, borrowers should be aware of the risks of default and bankruptcy. By carefully managing their finances and working with their lenders, borrowers can minimize the risk of bankruptcy and maintain a healthy financial future.

For more information, reach out to your Fresno bankruptcy attorney at 559-218-5324.

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