Stopped paying in November, but can't file until May

[overstressed]

Hi there
We stopped paying on our credit cards in November and just hired an attorney last week. Because I have a business partnership that I am in the process of closing down, my attorney advised me that I should not file until the business has been closed down 3 months or else my partner could be brought down with my mess. Since I have already told my creditors that I am filing 13, will this give them more time to send my debts to collections and cause me more problems - wouldn't the sooner I file be better? Thanks for any insight.

[tigergem]

That is why we say all over the forum not to tell your creditors that you are filing bk. When you don't file right away, they might try to accelerate the collections process.

You should revisit this question if you get served with papers that a creditor is suing you.

In the meantime, your attorney gave you a valid reason for not filing until May, right? And you are paying him for advice, right?

[CCB35]

i could be wrong but i dont think the creditors will leave you alone until you get a case number.expect a lot of lovely phone calls from them on a daily basis.

[debtinohio]

I made the mistake of telling some I was filing, they (AMEX) sent it to collection agencies after 30 days late. I had 5 cards from them and they went to 3 different India collection agencies.

It was a good time.

Don't tell them anything.

I went 120 days late before I was sued by the first (and only thankfully) creditor, a local credit union for $5200. I filed 2 weeks before the court date and that case was dismissed.

[overstressed]

Why does it matter if they send to collections? Sorry if this is a stupid questions. Again my attorney said it was not a problem.

[tigergem]

Collections doesn't matter, really. That's the point. It's just an inconvenience. If they file suit, though, then you need to answer.

Oh you might also ask your attorney to send out something called a "suggestion of bankruptcy" letter. Not sure if that will help or not.