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can`t pay anymore

I have a credit line of $18,000. and one $10,000. also a perdonal loan that is now $7,500. and 2 credit cards totalling $14,000.
All this together is around more than $50K
So far I have always paid my monthly dues and never been late, however i can`t anymore

What can happens if i just stop paying all of them?

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One Response to “can`t pay anymore”

Barton Goth GCO Bankruptcy Trustees said...

When you simply stop paying your creditors your creditors will begin with collection procedures. Now each institution varies somewhat but most will follow these steps:

1. Creditor Calls. The creditors will simply begin by making telephone calls wondering what has happend and when they will get their payment. These calls will be short and sweet in the begining but as you continue to not make payments the number of calls and their intensity will increase.

2. Collection Agent. Once the bank realizes they are not being successful there will come a point where they send it on to collections. These collection agents may be employed by the bank, contracted out by the bank or perhaps have purchased the bad debt from the bank. Regardless the collection agent will continue with the many calls and again will continue to increase the intensity.

3. Legal Action. At some point lawyers will get involved. Now it is likely that the collection agents will threaten with lawyers before they actually become involved but regardless this is the inevitable result. Eventually you will be sued, the creditors will sue you.

4. Judgement. When the creditors sue you they are sueing to obtain judgement. This is essentially court recognition of the debt and the authority to proceed with more agressive collection measures. These measures could be garnishment of pay cheques or bank accounts, registration of lien’s against property or seizure of property outside of your provincial exemptions.

Regardless of where in this process you sit it is not a fun process to be in the middle of. At this point the best thing for you to do is to contact a local trustee and discuss how the filing of a bankruptcy or a proposal can help to stop this process, keep the creditors at bay and ultimately reduce your stress.