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Debra
Debra, Lawyer
Category: Canada Law
Satisfied Customers: 100944
Experience:  Lawyer
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I had a business that went broke a numbered company in

Customer Question

i had a business that went broke a numbered company in alberta , i had a American express unsecured card for the company that's racked up, do have to pay it i have no assets and i have made payment arangments with them but now i cant afford to pay .
what will they do if i don't pay .
Submitted: 1 year ago.
Category: Canada Law
Expert:  Debra replied 1 year ago.

Is the account held by the corporation or you personally?

Customer: replied 1 year ago.
Its under corp but its under my name
Customer: replied 1 year ago.
Because it shows up under my equfax
Expert:  Debra replied 1 year ago.

That doesn't make a lot of sense unless you guaranteed the account.

If you have no personal assets and this is personal debt that you can consider declaring bankruptcy.

For this reason your next step should be to consult with a Trustee in Bankruptcy face to face and discuss the pros and cons of declaring bankruptcy.

Customer: replied 1 year ago.
Its an unsucured credit card that,s under my name. The question i, am asking is if I don't pay it and don't declare bankruptcy what can they do ? Will they put a judgement agianst me
Expert:  Debra replied 1 year ago.

Yes.

They will sue you and they will get a judgment and then they will start trying to enforce it. They could seize assets but if you don't have any they would wait however, if you have wages they will garnish them.