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If you have unsecured debt of under $10,000 and live in the Province of Ontario filing bankruptcy may not be the best option for you. We suggest you contact the Office of the Superintendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

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Salary

Can a creditor who has a court order for a repayment of debt to him, with a variety of repayment measures open to him, recoup his debt by garnishing your bank account, which is comprised only of your salary, and take more than 20% in violation of Section 7 of the wages act?

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One Response to “Salary”

Barton Goth, GCO Inc. Bankruptcy Trustees said...

The Wage Act is simply used to govern payroll garnishee’s, when a creditor seizes a bank account they are not bound by this requirement. Therefore, when your bank account is garnisheed, the creditor may take the entire amount of money that you owe. This means all money on deposit at your financial institution can be taken. The only exception to this rule are social allowance paid under the Social Development Act, a handicap benefit paid under the Assured Income for the Severely Handicapped Act, or a widow’s pension under the Widows’ Pension Act, if these payments are kept in a separate account and not mixed with any other money.