Can the creditors seize my monthly pension?

January 16th, 2016 by Questions

Being a 75-year-old senior and having a 312,000 secured debt and 109,000 unsecured credit cards, I have sold all assets to pay the secured debt. Having 109,000 unsecured debt I have decided to do nothing and take a wait and see approach. Can the creditors seize my monthly pension? I ask because that’s all I have.

Questions

One Response to “Can the creditors seize my monthly pension?”


January 17, 2016 at 11:36 am, Desmond West-Chow, CIRP, Trustee said:

Creditors could seize your pension amounts through a garnishment depending upon how much you receive and what province you live in. Additionally, they could seize bank accounts, put liens on vehicles or homes as well. It would be a good idea to speak to a local trustee to really get a good grasp of your options based on provincial legislation and details about your situation.

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