Walking away from it al… instead of going bankrupt

August 21st, 2008 by Questions

First I want to thank you for your indepth information on this website. Very helpful for some one who is considering bankruptcy.

My question, which I haven`t seen posted here yet, is what happens if you decide to simply `walk away from it all`. By that I mean instead of declaring bankruptcy, you simply leave the country for 5-10 years and don`t pay the CC bills or contact a trustee?

Are there legal implications to this or does the inevitable bankruptcy just get `delayed`, and the creditors simply wait until you return to Canada? Then do you declare bankruptcy?

Thanks.

Posted from: British Columbia

Questions

One Response to “Walking away from it al… instead of going bankrupt”



, A licensed trustee said:

It has been asked before, but it doesn’t come up very often…

As a strategy, the “walk away” may work for some people. There are no international treaties on debt so your Canadian debt won’t follow you overseas, but the debt may not disappear while you’re away.

As long as you understand that when you return to Canada you may still have to deal with your debts then this is a strategy worth considering….

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