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Minimum Payments

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

One Response to “Minimum Payments”

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…