February 6th, 2008 by Questions
what happens if you claim bankrupcy but dont pay your trusty all your monthy payments can u catch up?
February 07, 2008 at 9:35 am, Barton Goth GCO Bankruptcy Trustees said:
You definately can catch up, but the longer you wait the more drastic the circumstances can become.
For instance, if you do not keep up with your duties and responsibilities eventually the court will remove your trustee and leave you in bankruptcy but without court protection. The result is that the creditors can now collect from you in full.
If you get to this point you can still deal with the situation and re-engage the services of the trustee to help finalize the process but typically it takes a lot more time, costs a fair amount more money and is just not a good place to be.
So the key is the sooner you catch up the better.
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