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What happens if we take a loan and the bank goes bankrupt?

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  Jan Meriss Alfonso Assistant at Ascent Law LLC In the event that a bank goes bankrupt, you will not be asked to repay the rest of the loan. You can find a new lender or shop around for a better deal. During a bankruptcy, Trustees may try to collect your debt, but you will not have to pay up the entire loan. Non-bank lenders cannot ask you to pay up the rest of your loan if the bank goes bankrupt If you're an applicant for a small business loan, non-bank lenders can offer an excellent alternative. Non-bank lenders cannot ask you to pay up the rest of your loan if the bank goes bankrupt. This is due to the fact that these lenders do not operate as full-fledged banks and do not offer deposit services. However, their loan products do not come with the same high-interest rates as bank loans. Trustees may try to collect their debt during a bankruptcy In the event that you take a loan from a bank that goes bankrupt, your creditors may try to collect this debt during bankruptcy. Trustees...