The New Debtor Prison
Even though Debtor Prison was abolished in Canada in the mid 1800’s, some consumers still fear they will be sent to jail if they can’t pay their debts.
However we have found that a new form of debtor prison exists and this is due to excessive phone calls, emails, text messages and mail from creditors and collection agencies. These tactics can leave a person feeling afraid to answer their own phone and for some it can cause undue stress and anxiety which can negatively affect their everyday life and ability to function at work.
Each Province in Canada has laws in place that deal with the collection of debt and creditors do have some legal recourse to recover monies owed to them such as Court judgments, wage garnishments and the seizure and sale of assets. There are also laws to protect debtors from unscrupulous collection tactics, however, most people do not know their rights when dealing with collectors.
A Licensed Insolvency Trustee (LIT) can review your financial situation and help you file a bankruptcy or consumer proposal. Both options are legal proceedings and will help you resolve your debt issues and will protect you from further legal or collection activities taken by your creditors.
For a free consultation you can contact us to discuss your situation over the phone or book an appointment to meet us face-to-face in Saint John, Moncton, Fredericton, Cornwall or Dartmouth - it's your choice.