January 21st, 2010 by Questions
If I am currently paying my minimum payments but really struggling can I still apply for bankrupcy or do I need to stop paying the minimum payments first.
Posted from: Ontario
January 22, 2010 at 6:48 am, A licensed trustee said:
No – this is one of those bits of mis-information that has been floating around forever. You do not have to be in arrears (or default) on your payment sin order to file for bankruptcy.
That being said, before you go too far in your thinking you should contact a trustee or a credit counselor in your area to review all of yor options. You may be able to file a consumer proposal or a debt management program instead of filing for bankruptcy. You should at least have a look at all of your options before you decide…
Log in to Reply
Please post a follow up comment below:
(Note: comments are reviewed by moderators and then posted after approval. In addition, due to high volume some of the comments might not be posted.)
You must be logged in to post a comment.