What Happens If I Dont File Bankruptcy But Have A Lot Of Debt

 If you have a lot of debt, and don't file bankruptcy, unsecured creditors basically have two remedies - garnishee wages or seize assets. Basically an unsecured creditor will sue you and get a judgement - a court order saying that you do indeed owe the debt. A creditor with a judgement can garnishee your wages, if any. In Saskatchewan they can take anything you earn in a month over $500 plus $100 for each dependent. Other provinces have different laws. Pensions and Social Service payments are exempt from being garnisheed. Judgement creditors can also seize non-exempt assets - see our FAQ for a list of what assets can be seized in each province. In addition cash is generally a non-exempt asset and there is some risk that your bank account could be seized as well. And, of course, unsecured creditors will phone, constantly and repeatedly to try and collect some payment. Each province has laws about when and how often a creditor can phone. If you don't pay a secured creditor - for example a loan on a car they will of course seize their security - the car in this instance. Please feel free to call us to discuss your options over the phone or to arrange an interview if you would like. There is no  cost for the initial interview. Ian Schofield 306-790-7904