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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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Bankruptcy vs Legal Options of Collection Agency

My daughter is being chased by a collection agency who is threatening legal action to collect a $4000 personal loan. She is considering bankruptcy as she has no assets and has just started working. What can the collection agency legally do and is it worth going bankrupt for $4000.

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One Response to “Bankruptcy vs Legal Options of Collection Agency”

Anonymous said...

The collection agency has many options to collect (including suing) if there’s means. A $4,000 debt is kind of low to claim bankruptcy and ruin a credit rating for upwards of 7 years when she’s so young. Does she want to buy a house in the future? Better she talk to the agency and get on a payment plan.