Negotiating with a creditor prior to bankruptcy

May 19th, 2008 by Questions

Will negotiating a payment plan with my biggest creditor affect me if I declare bankruptcy a few months later?

I have a bank to which I owe 30% of all my outstanding debt. I have been in default on ALL my credit card payments for over a year. All other creditors have just been harassing me with phone calls and mail but this creditor has gone ahead and filed a claim in Superior court and obtained a default judgement against me. The lawyer for this bank called me for a `Notice of Examination` and immediately after offered a payment plan which seems reasonable.

Will accepting his plan and paying the bank affect me if I decide to declare bankruptcy a few months later?

Posted from: Ontario


One Response to “Negotiating with a creditor prior to bankruptcy”

, A licensed trustee said:

I understand that this particulart creditor is applying a great deal of pressure on you right now, but if you think/know you are going to have to file for bankruptcy then why would you agree to make payments – it doesn’t make much sense does it?

Use the links on this page to find a trustee in your area and give them a call…

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