When Does One Stop Paying?

May 12th, 2009 by Questions

If you`ve had to borrow from family to just make the minimum payments to get by when there is an income loss when does one actually stop paying the creditors? Do you wait until your first consultation with a trustee or if you know you already meet all requirements would you stop paying just prior? Or would you have to wait until the process has started and the paper work has actually been filed, wasn`t sure how long the beginning process takes. Thank you.

Posted from: Ontario


One Response to “When Does One Stop Paying?”

, A licensed trustee said:

Whether or not you stop making the payments on your debts before you actually file for bankruptcy is entirely up to you. No one should be telling you to stop.

That being said, if are CERTAIN you are going to file for bankruptcy then making payments may not make any sense. One of the reasosn to continue making payments is to preserve your credit report. When you file for bankruptcy your report will bechanged to refelct that fact so the previous history is no longer relevant. That’s about as close to telling you to stop paying as anyone will get…

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