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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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I have no assets – what else can they do to me?

Hi there,

I have NO assets whasoever. I pay an insultingly low amount to my several debts, although on a fequent basis and they are now calling me at work demanding I pay my mimimums and catch up. I have no real address, car, RRSPs, no bank accounts, no more credit cards – just my full time job. They know where I work, so is it likely they can garnish my wages? If they do, can`t I just quit my job and go elsewhere? I`m almost off the grid basically except for coming to work – are they likely to serve me at work and take me to court? Can I tell them to stop calling my work?

Posted from: Ontario

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One Response to “I have no assets – what else can they do to me?”

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

You can tell your creditors to stop calling your work, and the creditors have to do so as long as you give them another number where they can contact you, a time they can call you at that location and then you follow through and answer the phone at the times disclosed. Otherwise they will continue to call you at work.

As for what steps they are likely to take next, you are right the next logical step is to garnish your wages or perhaps to seize a bank account. Now yes you can quit and go elsewhere, but that won’t solve the problem as eventually they will find you and you will be in the same predicament.

The best plan is to contact a local trustee and discuss some of the avenues available to deal with the debt, this will let you get back to a healthy position financially and you won’t have to be constantly looking over your shoulder.