When the Crditor start suing its debtors
November 18th, 2009 by Questions
I have a $ 50,000 in unsecured (credit Cards debt). I have nothing to pay my creditors. No mortgage…..nothing to loos in bankruptcy. And from this month I am unable to pay my minimum Payments. I was thinking of filing consumer proposal, however I do not have a sound employment right now.
1. Is it to wise to wait a bit to get a Job and then file consumer proposal. As i do not want to file for bankruptcy.
2. When creditors usually go after its client and sue them.
3. Is it important for filling consumer proposal to have an employment or I can go for it without an employment.
4. Can browning from family members or Friends can be consider as an option to pay in proposal.. again i do not wanaa file bankrupcy..
Posted from: Ontario
One Response to “When the Crditor start suing its debtors”
Please post a follow up comment below:
(Note: comments are reviewed by moderators and then posted after approval. In addition, due to high volume some of the comments might not be posted.)
You must be logged in to post a comment.
November 19, 2009 at 9:04 am, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:
Without consistent and stable income the filing of a consumer proposal is difficult and rarely recommended. Now potentially borrowing from family, if they are willing to cover you, is a way that a proposal can be crafted. But to determine this you really need to contact a local trustee and they will be able to assist you in determining what is possible.
In terms of the collection efforts that creditors make, you are correct that ultimately a law suit is probable, this law suit will result in a judgment being issued and then permission to garnishee wages, seize exigible assets (non-exempt assets as determined by provincial legislation) etc..