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We have been sent a notice that is a writ for sale of land

Hi. We have a credit card debt that has gotten out of control. We have been sent a notice that is a writ for sale of land. What does this mean and what can we do? I want to pay the debt. I don’t want to lose our home.
Thank you

Posted from: Ontario

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One Response to “We have been sent a notice that is a writ for sale of land”

Jillian Taylor-Mancusi, Trustee | B.A. | C.I.R.P said...

While there are some critical pieces of information that are missing to properly answer your question, it would appear that the credit card company obtained a Judgment against you. A Judgment is basically the courts recognition of the debt and allows the Judgment Creditor to take judicial action for the collection of the debt. This commonly results in garnishment orders against your wages or bank account. But, can also include the filing of the Judgment in Land Titles against your real estate. If the Judgment is not satisfied within the prescribed period of time the creditor can get an order from the court for the sale of the property. If there is sufficient equity in the property you may wish to arrange mortgage financing to pay off the debt.