February 18th, 2009 by Questions

i have aprox $220000.00 in debt from unsecured personal lines of credit,credit cards and unsecured business lines of credit.things are going badly right now with my business(almost non existent)i have been making minimum payments on all except the business line of credit because thats all i can afford right now.can i be denied automatic discharge because i have so much unsecured debt??can i be denied because i havent made payments to my business lines of credit?i am trying to keep my personal credit in a good standing,at this point i know my business credit status is in the toilette so i` concentrating on my personal credit.the business lines of credit were in the corporate companies name with me as a guarantor and no collateral.

please help me know what to expect if i file for bankruptsy.
thank you

Posted from: Ontario


One Response to “question”

, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:

An automatic discharge is not based on payment history, but on your ability to keep up with the duties and responsibilities in a bankruptcy.

As for what to expect in a bankruptcy, the best thing is to contact local trustee so they can review your situation and explain how you can anticipate a bankruptcy will involve.

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