Moved to America
November 13th, 2010 by Questions
I have $25,000 in CC debt with one bank. What can happen if I stop payments and never pay them back?
I moved to America, got married (with name change) and plan on adding citizenship (dual CA-US). Will my family be harassed? Should I do a consumer proposal of 50% reduction for a 30% one time payment? I am currently in good standing, should I let the account go to 30,60,90+ days late before I start negotiating?
Posted from: Ontario
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November 15, 2010 at 10:41 am, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:
It is difficult to predict what efforts are going to be made when it comes to collection. However, the creditors still have the ability to pursue you in the US, if they have trouble contacting you it will be very possible that they will contact any family and friends that they know about to get in touch with you.
A consumer proposal is a good way to prevent these collection efforts from taking place. But I am not in a position to comment on whether or not the lump sum payment would be sufficent. To get a better idea about that you should contact a local trustee in the area you last resided.