“Dear Steve,
If I don’t pay unsecured creditors like personal and business lines of credit and I disappear as you have described.
What can the creditors do to collect? Do they look for corp bank accounts I might have created?
Janet”
Dear Janet,
If you go back and read the article I wrote, “How to Hide From Debt Collection, the Debt Collector, and Creditors” you will see that the article is full of advice on how to reduce the collections pressure you may be facing but no trick or advice is going to eliminate a legal obligation to fulfill the performance of a contract.
Creditors can avail themselves of all legal means of collection, including suing you which can lead to a lien or wage garnishment. Being sued is a serious matter. If you are going to stop paying on business lines of credit then if I was a creditor I’d go after your business assets.
Let me state clearly again, hiding from your creditors does not change your obligations, it just eliminates the immediate pressure you might be facing.
For help in dealing with the underlying financial problems, please see a debt management company, (click here for debt management information) or a bankruptcy lawyer, (click here for bankruptcy information).
Please don’t misconstrue my advice about hiding from your creditors as a trick or technique to make your debt vanish. It’s not. But it will reduce the collection calls to give you some peace of mind while you figure out how you best want to tackle the underlying debt problem.
You are not alone. I'm here to help. There is no need to suffer in silence. We can get through this. Tomorrow can be better than today. Don't give up.
Do you have a question you'd like to ask me for free? Go ahead and click here.
