December 4th, 2012 by Questions

Do you have to be behind in cc payments to file for bankruptcy? I ask because i can barely make ends meet with payments now and i know i am in serious trouble but want to avoid collections as i know i have no other choices.

Posted from: Ontario


One Response to “Confused”

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

No, you do not need to be behind in credit card payments to file for bankruptcy. It is common that people are, but definitely not required. As long as you
1. owe greater than $1,000; and
2. you reside in Canada or have resided in Canada within the last 12 months, or own property in Canada; and
3. your property is insufficient if sold to pay your debts in full, or you have told your creditors that payments are to stop, or you are unable to pay your debts as they become due.
Then you are eligible. The criteria is pretty easy and from the sounds of it you will have no trouble qualifying to file for bankruptcy.

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