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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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Power of Collections?

If an individual does not go bankrupt but does owe money to unsecured creditors (i.e. credit cards now in collections) can that individual purchase a used car that is less than $5650 without the fear that those unsecured creditors will win a judgement to take possession of the car to pay off the bad debt?

Posted from: Ontario

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One Response to “Power of Collections?”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

If you purchase a car that is worth less than the allowable exemptions in your province, then you are correct, this would be an asset that is exempt from seizure.