Delaying filing of bankruptcy

September 24th, 2007 by Questions

I got into serious financial trouble late last year after an accident left me badly injured. I have stopped paying creditors starting February 2007. I had a discussion with a trustee in April 2007 regarding a Division I proposal , I put off taking any action on it till today. Today I was served a statement of claim by the creditor whom I owe the largest sum of money to. My questions are: Is it too late to file a Division I proposal now? Should I wait until the judgement to file a proposal? Will my delay in taking action affect my discharge if the proposal fails and I go into bankruptcy?
taking action affect my discharge if the proposal fails and I go into bankruptcy?

Questions

One Response to “Delaying filing of bankruptcy”


September 25, 2007 at 10:07 am, Barton Goth GCO Bankruptcy Trustees said:

It definately is not too late to file the proposal, but it really won’t make much difference if you file before or after a judgement is obtained. In my opinion I would do it sooner than later but that is only because you will be finished the process that much earlier, but in terms of the end result judgment or not the debt will be cleared.

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