unable to pay debt - leaving back home
Jump to Page:
< Previous [ 1 ] [ 2 ] [ 3 ] [ 4 ] [ 5 ] [ 6 ] [ 7 ] Next >
Posted on: 31-10-11 03:41:59
Sr members,
i have been here for almost 3 years on PR status and have a debt of $35,000 to pay, which I am unalbe to.
I am going back to India with my wife and daughter, leaving the debt here.
will this have any problems ?
Will the bank trace me in India ?
Will I be jailed ?
I am left with only 4,000 rest all is being spent on daily expenses. as I have not been able to find a job here and now i want to go back to delhi.
please share your experince.
Unable to pay debts is not a crime, (at least in Canada), you don't have to get scared. It's a common practice here, several persons/ corporations do it intentionally (although a lot is unintentional). Whatever it may be - the lender can only report it to credit bureau & send it to collection agency for recovery, so they can call you several times a day to harass you so much to pay (whatever you can afford) That's it.
If you are leaving Canada, it's a different story altogether. $4000 is nothing for India. This is probably not enough for the airfare even.
You have to decide- is struggling in Canada your future, or doing the same thing in India (there will be some initial sacrifice, but over time you will get used to). India is changing very fast, after couple of years - it will get more & more difficult for people to go back & settle comfortably..
Duplicate
Pleaset think twice.
Do you think you will consider to move back to Canada in future? (Keep in mind that decision change with time, circumstances and your success or failure.)
I don't know much but there are lawyer and consultants who can help you to to reduce your debit and protecting your credit.
Leaving without paying is not a good idea. Your debit will keep increasing and you will be responsible on paper. If you ever think to come back, you have to deal with your debt. It is better to deal now instead later.
I am not sure but there are some rules that debit will go away from your credit report after 7 years. So, you may not have any problem if you come back after 7 years. May be someone else can give you more information on this?
-----------------------------------------------------------------
Success is Never Ending and Failure is Never Final.
Quote:
Originally posted by trueman
Sr members,
i have been here for almost 3 years on PR status and have a debt of $35,000 to pay, which I am unalbe to.
I am going back to India with my wife and daughter, leaving the debt here.
will this have any problems ?
Will the bank trace me in India ?
Will I be jailed ?
I am left with only 4,000 rest all is being spent on daily expenses. as I have not been able to find a job here and now i want to go back to delhi.
please share your experince.
if you are in debt due to failed busniess. See if you can save your self under canada laws.
"Bankruptcy in Canada is governed by the Bankruptcy and Insolvency Act and is applicable to businesses and individuals. The office of the Superintendent of Bankruptcy, a federal agency, is responsible for ensuring that bankruptcies are administered in a fair and orderly manner. Trustees in bankruptcy administer bankruptcy estates.
Bankruptcy is filed when a person or a company becomes insolvent and cannot pay their debts as they become due."
Running away may not be good option. One you may never able to come to canada . Also debt will keep growing on papers. And who knows , debters chase u under interpol in india. Paying debt may not be criminal offence. But ignoring , running away may invite crimial processding etc. I am not sure but check with a good lawyer before running away.
-----------------------------------------------------------------
infocan
I am not encouraging him to default but let me correct some statements -
1) Interpol is not used for $35K debt.
2) He can still come to Canada but a bad credit history may stop him from getting new credit or even an employment in some cases ( especially with banks and government). Only a criminal default or charge can stop you to come to Canada. Not paying a debt is not a criminal offence.
3) After a default when a loan goes into collection, banks stopped charging interest though they keep on threatening you with interests and compound interests.
Best course is to file for bankruptcy.. Since u dont have no provable assets this will be relatively easy and ur debtors will stop hounding u..
The best part about filing for bankruptcy is that after 7 years ur credit history starts over, this is useful if u do decide to return..
If u dont file for bankrupcy ur file will probably remain open...
