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If you are about 50 thousand dollars in debt will the creditors take you to court?
Wiki User
∙ 8y ago
I live in Canada and I'm not sure where you live so this is the best I can do for you:
If you pay absolutely nothing on any one of your debts then yes, the creditors certainly will come after you. In Canada if you pay what you can on each bill (even if it's not the minimum amount) and you make an effort to work with each company you owe money too (they love this by the way) they consider you are trying to get out of debt and will work with you. This means you will have to phone each company you owe money too and talk to accounting there. Discuss your problems openly and be aware that they just want their money so they will be happy to work things out with you. Please make a good effort to pay off your debts.
I suggest that you also get a Financial Advisor to help you handle your money better. Many people use them and it is so easy to get into debt with credit cards.
Your Financial Advisor may ask you to cut-up your credit cards. This is only until you are more responsible with your spending habits.
Once you have paid off your debts, get another credit card with a limit of $500. This way, if you go off track again it won't be so difficult to pay back the debt. Later, when you are more confident about your spending habits, you can get back on track, but please watch those credit card statements and be hard on yourself re spending.
If you owe money to family or friends, please see that Financial Advisor, then talk to each person you owe money too and tell them what you have done. Companies, family and friends just want to know the person they are dealing with is honest and trying.
In British Columbia, if you are really having a rough time paying back your debts, as long as you put $10 on an account and show that you are honestly trying to get out of debt there is nothing legally any company can do.
If you do not pay off your debts you can claim bankruptcy, but I suggest you don't go that route unless absolutely necessary. This will prevent you from getting credit anywhere for 7 years or more. If you own your own company then you can claim bankruptcy and start under another name.
Credit Card companies love to have you spend the money, so be really careful of them. We all get a little off track every so often.
Good luck and I hope I've helped.
Marcy
Wiki User
∙ 8y ago
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