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lynn, the owner of market sales company, sells the firm to nell for a note payable to lynn for $100,000. nell does not pay the note and files for bankruptcy under chapter 7. the debt represented by the note is

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Under bankruptcy chapter 7 the debt represented by the note is Not dischargeable if Nell concealed assets to defraud Lynn.

Nondischargeable loan is a form of debt that is not dischargeable in bankruptcy. Student loans, the majority of federal, state, and local taxes, money borrowed on a credit card to pay those taxes, child support, and alimony are just a few examples of such obligations.

Other nondischargeable debt under Chapter 7 of the Bankruptcy Code includes payments owed for injuries sustained by the debtor while driving while intoxicated. Creditors have the right to contest debts that a debtor is seeking to discharge through bankruptcy.

Learn more about Bankruptcy here:

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