Question
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Apr 5, 2007, 11:50 AM
| | New Member  | | Join Date: Apr 2007
Posts: 3
| | | Bankruptcy in Ontario Canada
Hi i live in ontario canada. I am just wondering..
If you are a full time employee. can they garnish your wages or will they for that matter.. if you do plan on going bankrupt. and how long does it take to be able to take out a load through a bad/good credit place for ex. a car loan????
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Answers
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Apr 5, 2007, 11:54 AM
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#2
| | American Immigration Expert
Join Date: Feb 2007 Location: Montreal, Canada
Posts: 1,858
| Any decent credit place would want to wait years, maybe 6-7 maybe more. There are places that will finance you with bad credit but the payments would be outrageous.
Have you tried mediation to resolve your debts, it's much better than going bankrupt. When you go bankrupt your debts disapear, except student loans and other government loans so no they wont garnish your wages after the bankruptcy is over but there is some sort of final settlement made with the companies you owe money to, im not sure how that works. |
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Apr 5, 2007, 03:56 PM
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#3
| | New Member
Join Date: Apr 2007
Posts: 3
| yes but do they garnish wages if you go bankrupt??????????????????????????// | |
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Apr 5, 2007, 06:19 PM
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#4
| | Finance & Accounting Expert
Join Date: Nov 2005 Location: Canada
Posts: 3,664
| Quote: | Originally Posted by blnchick yes but do they garnish wages if you go bankrupt??????????????????????????// |
No they don't.
If you declare bankruptcy, then all of your debts are erased.
Therefore, since you don’t owe them the money anymore, they can’t garnish your money, since you can only garnish someone’s pay cheque if you owe them money. | |
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Mar 8, 2008, 11:48 AM
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#5
| | Junior Member
Join Date: Sep 2007 Location: Ontario Canada
Posts: 39
| Bankruptcy creates an immediate Stay of Proceedings. The Discharge makes the Stay permanent. No garnishment. | |
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Mar 27, 2008, 06:31 AM
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#6
| | Junior Member
Join Date: Sep 2007 Location: Ontario Canada
Posts: 39
| A followup to my previous answer and a comment on Captain Forest. Bankruptcy does not "erase" a debt. Bankruptcy "erases" the bankrupt's responsibility to pay a debt include in their bankruptcy. It is importatnt to know the difference. If A and B owe a debt joinlty, A's bankruptcy does not erase the debt. All it does is make A no longer responsible for the payment of that debt. B remains responsible for it. The debt is not erased as far as B is concerned. B could be a friend, a spouse, a child, an employer and are still on the hook for the entire debt. | |
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Mar 27, 2008, 10:11 AM
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#7
| | Finance & Accounting Expert
Join Date: Nov 2005 Location: Canada
Posts: 3,664
| In reference to Iknowalotofstuff’s comments.
Yes, the bankruptcy does not “erase” the debt.
But we (the OP) is “A” in this case. A will no longer be responsible for this debt in any way, and that is the focus.
Yes B is still responsible, but we are not required to consider B’s position.
Also, the OP gave no mention of a secondary person. And furthermore, they were just concerned about themselves, A, and that was all. | |
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