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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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What assets can be seized by a creditor?

I will most likely be taken to court by a bank that I owe large amount of money. I am unemployed but recently bought a 9 year old vehicle for $1000. Can the bank take the car away from me?

Posted from: Ontario

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One Response to “What assets can be seized by a creditor?”

Barton Goth GCO Bankruptcy Trustees said...

As the value of the vehicle is less than the available exemption in Ontario then as long as you have not pledged your vehicle as security on any loans your creditors will not be able to directly seize your vehicle.