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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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Exceptions to filing bankruptcy to stop the hounding?

If a person in debt has no assets or employment, how would they approached their creditors? do they need to file for bankruptcy to stop the hounding? If not, what would be their alternative. Are there legal ramifications if creditors are ignored?

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One Response to “Exceptions to filing bankruptcy to stop the hounding?”

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

There are 4 ways you can stop the collection activity:
1. Make payment arrangements with your creditors and continue making those payments each month;
2. File a Debt Management Plan or Orderly Payment of Debt (depending on what province you live) with a local credit counseling firm;
3. File a consumer proposal;
4. File for bankruptcy.
If you are unable to satisfy the demands of your creditors and chose not to file any of the above your creditors will likely proceed with a court action, obtain a judgment, but from your descritipon it sounds as if there is nothing the creditors will be able to take action against, for more information on this contact licensed trustee in your area.