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Store credit and credit cards

I owe approx. $10K on Sears credit card and I just lost my job, due to relocation. I`m getting EI payments now. Will Sears go after my stuff that I bought by Sears credit card? Also, If I`m default on other credit cards, will I be in trouble with them?

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One Response to “Store credit and credit cards”

Barton Goth GCO Bankruptcy Trustees said...

While sears likely won’t go after the purchases you made, if you default on the credit cards you will definately have some difficulty.

Typically what happens is they will send the account to collections, collections will hassle you for a couple of months until they either get payment or realize their efforts are not effective, then they will take you to court to obtain judgment. This judgement will give them the ability to seize bank accounts, garnishee wages, and seize property that is not protected pursuant to provincial legislation.