When to file?

August 24th, 2009 by Questions

I`m trying to figure out when I should file bankruptcy. I`m already about 40K in debt with credit cards and now another company will be taking legal action or suing me for about 40k debt owed there. With so much debt now, its impossible to look into any way of paying it back including a consumer proposal; I do need to file bankruptcy but when should I do it?

1) File now
2) Wait till i get the legal papers stating the 30K owed and to whom
3) Wait until i get a notice to appear in court
4)Wait till a judgement is passed?

I`m not sure when to file? I know the new laws are coming into effect in September so I`d want to do it before but I want to make sure the timing is right?
thanks!

Posted from: Ontario

Questions

One Response to “When to file?”



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

If you know you need to file a bankruptcy, there is no real reason to delay. You would be best to start the process as this will both eliminate the stress associated with this more quickly and will be finished sooner. Whether or not the legal papers are received with an exact amount really has no impact on things. So you would be best to simply contact a licensed trustee and get things behind you.

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