What types of loans do creditors use to extend credit?
• What makes me legally obligated to pay back a loan , and what’s the extent of my liability? • What kind of loan documents do I need to sign if I want to borrow money? • Does it may any difference what kind of property is put up for collateral? • On what basis can a bank turn me down for a loan? • How much interest can a bank charge? • What is a lender required to tell me up front about the terms of a loan ? • Can I change my mind after I sign the paperwork on a loan? • What can a bank do to try to collect a past due debt ? • What is the worst thing that can happen to me on an unpaid debt ? Q: What should I do if I’m over my head in debt? A: A financial crisis isn’t the end of the world. There are no longer debtor prisons in civilized societies, and laws give you ways to deal with financial problems. In the worst-case scenario, a person buried with debt can obtain immediate relief by filing bankruptcy. Short of taking this route, there are many options available to people who are over
