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stop making payments

we are going ahead and filing in the next 30 to 40 days for CP.

can we just stop paying creditors now?


Posted from: Ontario

One Response to “stop making payments”

A licensed trustee said...

You can if you are certain you are going to file. The problem with not making any more payments is that, if you change your mind about filing, you’ll be 2 or 3 months in arrears with your accounts and likley won’t be able to catch up.

Having said that, if you are sure you are going to file then it doesn’t make a lot of sense to keep making payments. Use the money to fill the cupboards, or fix the car, or go to the dentists – things you likely haven’t been able to do becuase you’ve been using all of your money to make payments towards your debts…