Can’t pay anymore
Question: I have a credit line of $18,000. and one $10,000. also a personal loan that is now $7,500. and 2 credit cards totalling $14,000. All this together is around more that $50,000. 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?
And can my creditors claim my childrens federal/provincial benefits?
Answer: No, your creditors cannot take money from someone else for your debts, including from your children.
If you stop paying your creditors, they can call you and send you letters, and eventually take you to court and sue you and attempt to garnishee your wages. Once a wage garnishment starts, your options are to let the garnishment continue until it is paid, or file a consumer proposal or go bankrupt to stop the garnishment.