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Is there any truth to what my parents are saying?

My parents constantly tell me that I’m going to be taken to courts and I’ll end up in jail for my $30000 debt. Is there any truth to this? or are they just trying to scare me?

Posted from: Ontario

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One Response to “Is there any truth to what my parents are saying?”

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

While serving jail time for not making payments on your debt is a bit of a stretch, the court action is correct. What will typically happen if you don’t deal with your debt is that you will be sued by your creditors. They will go to court to get a judgement. This judgement then allows them to seize assets (i.e. bank accounts etc.) or to garnish you wages (this is the more common result). So there is definitely some truth to the things your parents are saying.