2025-08-01
Transferring Assets Before Bankruptcy: Why You Should Consult a Trustee
Bankruptcy
If you’re struggling with your finances and heading toward bankruptcy, you may think it makes sense to sell or transfer some of your assets.
Garnishment By Canadian Creditor In Other Countries
In order for the bank to garnish your wages, being an unsecured creditor, the bank must firstly obtain a court judgement against you. Once a judgement is obtained, depending on where you are overseas, the bank will need to get the judgement recognized in your jurisdiction (i.e., where you live). That can be expensive for the bank to do and they may not take that step.
If they do, it is possible that your wages could then be garnisheed up to a certain percentage.
If your pay-cheque is being deposited into a TD bank account at the moment, then TD can without notice to you, apply the funds in your bank account against your line of credit.
If you have assets in Canada, the bank could get a court judgment against you and seize those assets. Some assets are protected and can't be seized.
You can do a Canadian bankruptcy or proposal from overseas if you need to.
Linda Paul
CIRP, LIT
Senior Vice-President
Servicing: Abbotsford, Chilliwack, Maple Ridge, Surrey, Langley
Latest Blog Posts
2025-06-30
Who Can File For Bankruptcy
Bankruptcy
There are several common scenarios which may cause you to wonder whether personal bankruptcy is an appropriate option to get out of debt.
2025-04-25
Top five mistakes to avoid when considering filing for bankruptcy
Bankruptcy
Filing for Bankruptcy is a significant decision that can provide a fresh start for Canadians overwhelmed by debt. However, it’s essential to approach this process with caution and awareness to avoid common pitfalls and make informed decisions to protect your financial future.
