Sunday, August 7, 2011

Is a verbal agreement legal in a bankruptcy case?

Someone owes me a lot of money and they have filed for bankruptcy(chapter 13) here in Pennsylvania. I am part of the proceedings and will get about 30 cents on the dollar of what is owed to me for 5 years. The couple filing made a verbal commitment to me (that was witnessed by at least 3 people) that they would continue to pay on the loan after the 5 years until it's paid in full. The law of course says the debt is satisfied after the 5 years. Is their verbal commitment to me enforceable if it would come to that? At least 3 people will testify for me that they heard and were witness to the conversation. Will I win if it goes to court on this basis? Thanks for all answers.

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