Posted on: 12th Mar, 2012 01:40 am
My uncle wants to if it would be a better option to file bankruptcy or just stop paying creditors. He has paying minimum on his credit cards for years. He has no job and has been collecting social security. With health problems and no assets would it make sense to just stop paying creditors or go find a lawyer and file bankruptcy?
Hi Swann,
If your uncle can manage to pay the credit cards with the help of his social security income, then he shouldn't file bankruptcy. It should be noted here that bankruptcy should be considered as the last available option. Rather than suddenly stopping the payments, it will be better if he could negotiate with the credit card companies and get a payment plan to pay off the debts.
Thanks,
Jerry
If your uncle can manage to pay the credit cards with the help of his social security income, then he shouldn't file bankruptcy. It should be noted here that bankruptcy should be considered as the last available option. Rather than suddenly stopping the payments, it will be better if he could negotiate with the credit card companies and get a payment plan to pay off the debts.
Thanks,
Jerry
The debtor should cease payment of creditors when they decide they are going to file for bankruptcy.
:idea:
:idea:
