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If i am planning to file bankruptcy, should I continue to make payments to my creditors?
If i am planning to file bankruptcy, should I continue to make payments to my creditors, or do I skip the payments for a while since they'll be erased anyway?
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Answers
If you know you're going to file for bankruptcy, you have some opportunities to skip payments and save up some cash for legal fees and court costs. Usually, you can avoid paying your unsecured debts, such as personal loans and credit card bills.
Any debt secured by property that you want to keep should be kept up to date to avoid any issues with exempt equity in court. Obviously, you also need to keep on paying your utility bills to keep the lights on, and you'll want to keep up your car payment, unless you just want to give up the car.
You can probably go about three months without paying credit card bills before they really start harassing you, and begin to take legal action. At that point, it would probably be wise to file your petition and get the automatic stay in place so that unpaid creditors cannot place any liens of try to file a lawsuit.
Talk to a Bankruptcy Lawyer to find out what options you have to save your money before filing for bankruptcy. In many cases, you can save a ton of money without having to worry about losing property or ever having to pay it back.
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Posted by Staff Writer on 26 Mar 2010
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