Will Collection agencies in Canada take your Assets even if you are in US already?

Normally, creditors and collection agencies in the US cannot seize property or assets that you own except if there is a definite lien on that property. They may get hold of a judgment in a court of law and oblige you to pay off or garnish your wages to compensate the debt you have. However, they cannot get something that they do not have a lien with. For instance, if you possess a car, a credit card company cannot obtain your car.

Certainly, this is taking in general. With what I am familiar with, if you are residing in the US, Canadian creditors would just be able to get those assets that found in Canada. Anything you have left in Canada can be seized as an abandoned property if you already have left the country. To acquire payment from you, they would have to put together a file suit in a US court, hire a US attorney, and the US court would have to make a decision in their favor. It is extremely stressful in nearly all cases.

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Different Situation in Several Cases

There may be cases where the situation is different. For instance, picture out a US business putting up a shop in Canada and then acquiring millions of dollars of obligations. This would definitely be troublesome and if they could confirm you were utilizing the law tying to avoid and erroneously rip off Canadians out of their money, then the US court could make a decision in their favor to them and charge a judgment in opposition to you.

Therefore, it is generally a matter of scale. If it is only concerning few amounts of money on credit cards, electric bills, unpaid phone charges and others, it is most likely not worthy for their effort and time. They will just damage your Canadian credit bureau for you. If you are talking about a large sum from an individual creditor or a huge collective amount, I would seek advice from an attorney.

See Also

Truth About Collection Agencies

Rules and Regulation of Collection Agencies

Collection Agency Discussion Forum

External Links

Collectionscreditrisk.com

Moneyproblems.ca

Wikipedia.org