is zombie debt my best option?

[Miau]

ok so ill try to be as honest as i possible can...

i dont wanna apply for bankruptcy cuz ill lose a disability tax credit which i may get  ... i am applying for it i dunno if ill get it  but if i do get it its a lump sum of around 12k which i absolutly dont wanna lose

i dont qualify for a consumer proposal/debt settlement due to my non existant income

i was litteraly thinking of waiting the debt out till the period of limitation expires  and then 7 years  for it to disappear from my tax report OR once i get my disability tax credit file for bankruptcy 

.. as of right now i haven't missed a payment because  i did some cash advances to pay of the debt.... should i start being delinquent ?

i would like to know if this is the best course of action given my situation

... i honestly dont care too much  about my credit score right now i litteraly was planning on going to another country and forgetting the debt ever existed .... my only concern is my mom....she will be staying and i dont want her to be harassed now i dont own a car or a house...  my worry is my non exempt property which to be honest im not even entirely sure what it is....

what i dont what to happen is... "They can obtain a Writ of Execution from the courts that allows them to seize non-exempt personal property, which will be sold to pay the judgement."

because i wont be home i dont want anyone harassing my mother oir family in any way shape or form... cuz my point is how can they tell if my stuff belongs to me or my mother... you know its stuff in a house it can belong to anyone.... specially if im abroad .... can a  bailiff harass my mother... from what i read its very rare and nearly impossible  given the fact that this would cost the collection agencies a lot of money ....i just need an opinion ... i also what to know if thats the best course of action

debt is around 60k

thanks =)

 

 

 

 

[Miau]

in other words should i wait this debt out... also can a creditor go after a bank account OTHER than the one you had originally acquired debt with... for instance i had a card with bank A... i decide to stop using bank A and use bank B as my main bank account ... this account has never had an issue .

 

a creditor decides to garnish the bank account can he garnish A ONLY or A and B

[BackFromTheDebt]

I don't know how similar laws in Quebec are to those in the United States.

Even within the US, the laws of Louisiana are different from the rest of the country; based on the Napoleonic Code rather than English Common Law.  Every American state has its own set of laws.  

I do know the debt collection laws are quite different between the US and the UK.  

 

If you were in the US, I would suggest you read up on making yourself judgment proof.  

 

Since you are in Canada, I would suggest you get a consultation with an attorney who can give you advice on the matter.  

[Harry Seaward]

4 hours ago, Miau said:

debt is around 60k

With one creditor or is this over several accounts?  What types of account(s)?  Credit cards, signature loans, etc.

4 hours ago, Miau said:

a creditor decides to garnish the bank account can he garnish A ONLY or A and B

It depends on state laws, but in most (90%) jurisdictions, they can take/attach to anything with your name on it.  Most of the time they will only go after wages.  Sometimes they will drain bank accounts. They rarely go after personal property.  It mostly depends on the type of creditor which is the reason for my first question.

[Miau]

3 hours ago, BackFromTheDebt said:

I don't know how similar laws in Quebec are to those in the United States.

Even within the US, the laws of Louisiana are different from the rest of the country; based on the Napoleonic Code rather than English Common Law.  Every American state has its own set of laws.  

I do know the debt collection laws are quite different between the US and the UK.  

 

If you were in the US, I would suggest you read up on making yourself judgment proof.  

 

Since you are in Canada, I would suggest you get a consultation with an attorney who can give you advice on the matter.  

can you please explain what is judgement of proof

[Miau]

1 hour ago, Harry Seaward said:

With one creditor or is this over several accounts?  What types of account(s)?  Credit cards, signature loans, etc.

answer 5 credit cards 3 banks ...only the amount varies from 17k to 5k per card 

It depends on state laws, but in most (90%) jurisdictions, they can take/attach to anything with your name on it.  Most of the time they will only go after wages.  Sometimes they will drain bank accounts. They rarely go after personal property.  It mostly depends on the type of creditor which is the reason for my first question.

 

 

[Miau]

thank you very much to all

[Miau]

ill would like to edit something out of the original post... i dont qualify for consumer proposal however i may qualify for debt resettlement . this however activates the statue of limitations and im not sure my best option unless i manage to settle for like 10% of the debt ...  ty

[BackFromTheDebt]

22 hours ago, Miau said:

can you please explain what is judgement of proof

Judgement proof means they can get a judgement, but cannot collect it.  It means they cannot get your money or your property.  In the US, that is usually for people who are too poor, or have found ways to put their money where it cannot be touched.  

That would depend on the Quebec laws.  

[Miau]

thank you  =)