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| Author: |
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Michele |
| Date: |
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July 3, 2003 |
| Question: |
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Hi, I was just wondering about the bankrupcy process. I was in the position a few months ago and did not make any payments to creditors and considered getting some credit counseling. However, I now believe my only option is bankrupcy as my income is drastically changing for the worse right now. I am wondering about my bank accounts and whether they are investigated and if so, how far back do they trace - in order to determine if I am eligible for bankrupcy - because a couple of months ago, I probably could have made some sort of payments?
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From: |
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Ann Clarke, Alger & Associates Inc. |
| Date: |
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July 3, 2003 |
| Answer: |
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A Trustee reviews transaction occurring in the 3 to 12 month period prior to the bankruptcy to ensure that there has been no abuse of credit. If you had money to make payments but didn't, that is not an abuse. I'd suggest you discuss the matter with a Trustee to clarify the situation.
Ann Clarke
phone: (403) 296-2972
aclarke@moneyhelp.ca
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