some info please

December 3rd, 2009 by Questions

i have about $250000.00 in unsecured debt.i am self employed and business has been slow to non existant for about a year now.i have been able to make my minimum payments so far,sometimes late but always made them.i have defaulted on a few,not by choice, and they are in collections now. i really cant keep up anymore,do i just stop making payments and wait to go to collections on all of them or get sued or do i file asap.
i have no assetts and pretty much unemployed at this point.please help me understand what would be best to do.
also some of the owing credit is `dont pay for as year or six months`what happens with those accounts,will the reposess the stuff i bought 6 to eight months ago??

Posted from: Ontario


One Response to “some info please”

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

To determine the best course of action you really need to consult with a local trustee. All the trustee’s listed through this site will be happy to provide a free assessment of your situaiton and then help you to decide the best way to proceed.

In terms of the items bought on a deferred payment plan, to keep these you will have to continue to make payments. However, the payments will be to the trustee not to the current creditor. If you paid it directly to the creditor you would be creating a fraudulent preference (i.e. providing one of your unsecured creditors a benefit that is not being equally provided to all of your creditors).

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