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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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Creditor Recouping Debt When no Funds Available to Pay Them

If the value of your house is approximately $80,000.00 and there are two liens on it, as well as an outstanding mortgage which amounts to approximately $110,000.00 and your salary is already garnisheed by Canada Revenue,and, as well, you have no personal asset of over $5,000.00, except for a car which you use to commute to and from work, which value is about $9,000.00, and your joint bank account is comprised only of your salary deposits, that is, you have no savings, how will the creditor enforce a court order he has to recoup his debts, which is some $60,000.00, that he wants paid within 14 days.

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One Response to “Creditor Recouping Debt When no Funds Available to Pay Them”

Barton Goth, GCO Inc. Bankruptcy Trustees said...

This really depends on the province in which you live. Each province has a different set of exemptions that limit the enforcement rights of judgment creditors. I recommend contacting a trustee in your area and they will be better able to advise you about these specifics.

While this is an important question, you may want to consider consulting with a trustee for a way to deal with some of these outstanding debts. From your description it sounds as if you are experiencing a difficult situation and may benefit from having someone intervene on your behalf. While I can’t predict whether or not a bankruptcy would be appropriate, there are a number of other options that could potentially help you to deal with some of the debts you have described. If you click on the â€œcontact and expertâ€ link you will be directed to a trustee in your area who will be able to provide any necessary direction.