Bankruptcy and Proposals

May 11th, 2006 by Questions

I have a question about bankruptcy, I am trying to deside what would be best for me right now, after 9 years of supporting my now ex live in girlfriend I have accumulated about 34,000 of debt to credit cards, line of credit, and concolidation loan. I have reconcolidated 3 times in the last 5 years and still the bills and debts mounted as she only worked part time, now that she is moving out it will be very questionable if I will be able to afford even the cheapest of places to live on my own as she did manage to pay a portion of the rent, and either break even every month or run in the red. At this very moment I do not have creditors calling me demanding payment or anything and have always made every payment in full and on time, but in a months time they will start calling as it looks like I will not be able to pay, am I still eligible to file for bankruptcy even though my creditors are not yet doing their thing calling and demanding payment? am I eligble to make a proposal to them? or will I have to wait untill my credit is history and they are calling demanding payment? I have an appointment to see a trustee in my area, any advice would help before my appointment.


One Response to “Bankruptcy and Proposals”

, A licensed trustee said:

You may file an assignment in bankruptcy or a proposal at any time – you do not need to wait for your credit to deteriorate to file.

That being said, I think your first priority should be to make sure your living situation is stable. If you can’t afford the place that you live in you’ll have to move (or find a room mate). Before you commit to a proposal or a bankruptcy you want to know what it costs you to “live” every month (the rent, car costs, groceries, etc.).

That doesn’t mean you can’t start researching your options now – you may want to use the links at the side of the page to find a trustee in your area. I don’t think you want to file right away, but you may feel better after talking to someone about your options – they may help you put together a plan to work through your financial problems.

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