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How long can I delay filing

Will no longer make mtg payments. Mtg is larger than value of home and due to split we are on the hook for outstanding value which is quite large (penalties etc). I am paying half the bills when I am no longer living there. Money out the window. My question is how long do we usually have before I need to file for bankruptcy which I will, due to my overall fincancial mess. My 7 year period for my student loan is about 6 months away. If I stop making mtg payments now, can I hold off until end of study date is reached ?

Posted from: Ontario
date is reached ?

Posted from: Ontario

One Response to “How long can I delay filing”

A licensed trustee said...

Wihtout knowing more about your payment history, it is impossible to tell you how long you can hold off filing, BUT if you want to delay nas long as possible then don’t file until after you have been sued by one of your creditors.

When you file for bankruptcy colection actions (even law suits) are stayed (that’s a legal term that means stopped). That includes law suits that have already been completed.

Use the links to contact a trustee in your area so that you can discuss this in greater detail with a professional.