April 28th, 2012 by Questions
What happends if I am late on a payment by one month when in bankruptcy
Posted from: Ontario
April 28, 2012 at 5:08 pm, A licensed trustee said:
It depends on which payment it is…
If it is your first payment then you’ll likely be called in to speak to your trustee. Not a good start to the process…
If it is one of the payments in the middle of your procedure then you should simply call and explain why it will be late – as long as you are communicating with your trustee there shouldn’t be any problems.
If it is your last payment and you’re making it on the “last day” and you miss it then your bankruptcy will be extended by 3 to 6 months. Your trustee is not allowed to accept payments after your bankruptcy ends. If it is supposed to end automatically on a certain date and you need more time then your bankurptcy won’t end automatically. If you’re in this situation you’d better go speak to your trustee.
If your payments have been Ordered by the Court then there may be severe consequences for not making your payments when they are required. The Court has been known to get quite upset with people that don’t follow their Orders…
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