Can I go to jail for not paying my personal loan?
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
Can I go to jail for not paying my personal loan?
Asked on October 12, 2012 under Bankruptcy Law, Colorado
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
As a general matter, a failure to repay a loan is not criminal--you can certainly be sued, potentially have your wages garnished, have your credit badly damaged, etc., but you should not face jail time. There is an exception: if it can be shown that you took out the loan on a fraudulent basis (for example: you lied about income; you used someone else's identify; you did not have any intention of repaying it at the time you took it out; etc.), that would potentially be criminal.
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.