Posted on: 21st Jul, 2009 09:11 am
I have two loan,one is mortage and other is personal loan.
I paid payment regularly from last 1 year , but from last 2 month i unable to pay payment. I thing i will not pay payment upto 6 month because of reccesion in business.
please let me know how can i face this situaion ?
One of my friend has given me advoice that declare bankcrupcy.
So this is one way to handle this situation??
Thanks..
I paid payment regularly from last 1 year , but from last 2 month i unable to pay payment. I thing i will not pay payment upto 6 month because of reccesion in business.
please let me know how can i face this situaion ?
One of my friend has given me advoice that declare bankcrupcy.
So this is one way to handle this situation??
Thanks..
Before claiming bankruptcy, you should contact the institutions which lent you the money and see if you're able to work out a payment plan. You may have an opportunity to make reduced payments for a period of time until you're able to afford the payments. I hope this helps...