Comments on: Minimum Payments http://www.bankruptcy-canada.ca/bankruptcy/2010/01/minimum-payments.html Personal Bankruptcy Canada Blog Fri, 10 Feb 2012 15:23:44 +0000 hourly 1 By: Ted Michalos, CA trustee http://www.bankruptcy-canada.ca/bankruptcy/2010/01/minimum-payments.html#comment-113223 Ted Michalos, CA trustee Fri, 22 Jan 2010 11:48:17 +0000 http://www.bankruptcy-canada.ca/bankruptcy/2010/01/minimum-payments.html#comment-113223 No - this is one of those bits of mis-information that has been floating around forever. You do not have to be in arrears (or default) on your payment sin order to file for bankruptcy. That being said, before you go too far in your thinking you should contact a trustee or a credit counselor in your area to review all of yor options. You may be able to file a consumer proposal or a debt management program instead of filing for bankruptcy. You should at least have a look at all of your options before you decide... No – this is one of those bits of mis-information that has been floating around forever. You do not have to be in arrears (or default) on your payment sin order to file for bankruptcy.

That being said, before you go too far in your thinking you should contact a trustee or a credit counselor in your area to review all of yor options. You may be able to file a consumer proposal or a debt management program instead of filing for bankruptcy. You should at least have a look at all of your options before you decide…

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