Why would someone tell me to ‘do nothing’ about my debt in Sarnia?

by Joel Sandwith on July 7, 2011

Every person we meet with is unique and has their own set of circumstances, concerns and solutions.  Having said that, we do find some common threads, and one of the is that sometimes, the best option is to do nothing.

The majority of folks who contact us are in serious financial distress, and are looking for a solution.  For some, a personal bankruptcy can provide the fresh start they need and deserve.  Others who can afford to repay a portion of their debt are best served by a consumer proposal.  But there are some who may be ‘protected’ from their creditors already.

Let me explain.  If your income is from a benefit, such as Canada Pension Plan, instead of a wage, it is almost certainly not garnishable.  If you have little or no assets, your creditors may not be able to take anything from you.  So, if someone comes to see us, who stands to ‘lose’ nothing, we may suggest they simply don’t pay the debt.

I’d invite you to have a close look at this website, from our sponsor Hoyes, Michalos:

http://www.hoyes.com/no-wage-options.htm

Now, this can be a stressful option – the people who are owed money may still call and send letters demanding payment.  You will almost certainly have to open a new bank account to make sure your money is safe.  The positive of this ‘do nothing’ strategy is that ideally at some point the creditors realize that ‘you can’t get blood from a stone’ as they say.

Whether this situation matches yours or not,  if you are dealing with debt, I’d invite you to call us at Hoyes, Michalos and Associates at 1-866-747-0660 or locally here in our Sarnia office at 519-344-1058.  We’d be happy to go over all of your options with you.

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