Hi bankiedonnie

Your trustee will require to either discharge you to allow you to petition for bankruptcy or petition for your bankruptcy himself.

Unfortunately, without his assistance, you cannot do this.

Mark

Hi bankiedonnie.

I'm afraid this option (bankruptcy) will only become open to you if your trustee first discharges you from your trust deed.

You may wish to contact them to run through your current circumstances, your concerns and your wishes to see if they're prepared to support you.

thanks for your replies. will contact them tomorrow,if they dont discharge me what can i do? and how long would they hold me in a prtected td? thanks

Hi bankiedonnie

There's no time limit as such, however good practice should force them to deal with it fairly quickly. They can't do nothing for the sake of doing nothing.

Mark

Seems like common sense would mean if you can't pay you won't pay and your file will not be one the trustee would want to hold onto unless a reasonable extension with reduced payments would gather the funds over a longer time. Their fees are probably still not covered unless you were paying for a long time before stopping.

Bankruptcy would still result in payments being due though, in line with affordability.

Was affordability checked before deciding your payment commitment? Have your income and expense figures changed drastically? Your trustee will probably want to help you make all the payments, even if it takes longer, how long were you managing payments before you stopped 6 months ago?

Common sense not being all that common, assume nothing and just ask?