Can I be arrested for not paying back my debts?
The answer is no! In Ontario, not paying back your creditors is not a cause for imprisonment. This doesn’t mean that there are not any consequences if you decide not to pay back your creditors. If you decide to stop paying, your creditors may hire a collection agency to get their money back. In some cases, they may sue you for the money that you owe. If they take you to court and win a judgment against you, they may be able to garnish your bank account or wages. They can also apply to the court to place a lien on your property. If you have specific questions about what can happen in certain situations, we recommend that you contact a Licensed Insolvency Trustee.
If you are overwhelmed with a financial crisis, J.P. Graci & Associates Ltd can help! Call us now at 519-753-7361.
MORE QUESTIONS
Do I qualify for bankruptcy? How long will I be bankrupt? How much will it cost? How will my credit rating be affected? If I declare bankruptcy, will I lose everything? Should I declare bankruptcy? Will I still be responsible for some debts after filing for bankruptcy? Does Filing for Bankruptcy in Canada Affect My Spouse? What is a bankruptcy discharge and the process involved? What is the OSB and what are their responsibilities? If I file a proposal or declare bankruptcy, what happens to my credit rating? What happens if my creditors vote against accepting my consumer proposal? Can I leave some creditors out of my consumer proposal? How Do I Get a Mortgage After A Consumer Proposal? Can a student with a government student loan go through bankruptcy or get a consumer proposal?
