Can I go to jail for not paying my personal loan?

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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 9 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.


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