May 18th, 2006 by Questions
I have both my credit cards maxed out and 3 lines of credit to a total of 150,000. When you file for bankruptcy who looks after these bills? I have been getting phone calls everyday. Also how long does the process take when you file for bankruptcy to restart your credit rating?
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May 19, 2006 at 9:54 am, Barton Goth, GCO Inc. Bankruptcy Trustees said:
Upon filing a bankruptcy there is a stay of proceedings that comes into place that prevents most of your unsecured creditors from contacting you or pursuing collection against you. When you are discharged there may be some small disbursement to the creditors but typically the debts are essentially written off by the lending organizations.
For more information you can contact one of the trustee and they will be able to provide a more detailed explanation as to how this operates and when it would come into effect.