Bankruptcy Research
Question
Property Liens - pls help?
I am one of many people in financial distress in southern ontario. I own a home ( private lender - no equity accrued). I have one creditor that has sent my account(s) to collection. I owe approx $20,000. I know have a collection agency hounding me. I can't pay. I don't have the funds. They have threatened a lien on my property. I have done some bankruptcy research and know because of my current status ( a student receiving gov't funding) I know my income can't be garnished. Bankruptcy for me in inevitable. However my intention is to put it off as long as I can. How will a lien on my property affect me ? Will I realistically incure court charges or anything like that? By the way I have no assets other than what is protected by the solvency rules in our province.
6 months ago - 1 answers
Best Answer
Chosen by Asker
Well you stated that Bankruptcy was inevitable. The lien on your property is there to keep you from selling the house and keeping any profits. When you file bankruptcy you give them the names of all your creditors and they will be written off. The home will probably be taken by the bank and the lien will no longer exist. In this economy it is not a good idea for a company to waste resources putting liens on properties. Too many people are going into foreclosure and bankruptcy. As for right now, the lien won't affect you as far as losing your home. It will show up as a judgement on your credit report which is the first step into financial ruin. Good luck to you.
by Tonja
6 months ago
Asker's Rating: 