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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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Seizure of funds

The bank that holds my student loans recently got a judgement against me. Will they be able to seize funds on deposit with other banks and if so, how long will I have until they are able to do so?

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One Response to “Seizure of funds”

A licensed trustee said...

Obtaining a Judgment is the first step, the next thing the bank must do is request a Writ of Execution or Seizure. Once they have one of those (and they are relatively easy to obtain once you havea Judgment) they will serve iton the local Sheriff – if they are aware of where you are banking or of any other assets that you own they might go directly after them, but that’s only if they know about them.

You should probably speak directly to a trustee or a credit counsellor to discuss your options. Depending on how long you’ve been out of school, you may have a couple of strategies to chose from…