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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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Is it a good idea to contact the creditors to discuss your situation?

Hello!

I am out of Canada and will stay here for the next few months. I don`t have an income right now and I am falling behind with my payments. I intend to return and after finding a job to probably file a consumer proposal (depending on what advice I will get from a trustee). Is it a good idea to contact the creditors and explain them the situation? From your experience, is there any way a bank could help you by, lets say `freezing` your debt for a given period of time and not harass you? Are they allowed to call and harass your relatives regarding a debt they have nothing to do with it?

Thank you.

Posted from: Manitoba

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One Response to “Is it a good idea to contact the creditors to discuss your situation?”

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

It is always best to stay in contact with the bank. Now traditionally the banks don’t do a lot to help the situation, but they often won’t act as quickly or as severly if you appear to be acting in good faith and keeping them informed.