There are restrictions on when a bailiff can seize your property. Property can only be seized on Monday to Saturday between 7:00 a.m. and 9:00 p.m. (unless you’re trying to hide or sell some property). Property cannot be seized on a statutory holiday. Additionally, the bailiff cannot enter your home if you’re not there, barring some exceptions.
What happens during the seizure?
Before being able to seize property, your creditor must obtain a Court ruling. The creditor will have a notice prepared to warn you about the seizure. The bailiff will give you this document on the first visit.
You must then pay the debt. If you don’t and depending on how much you owe, the creditor could ask the bailiff to seize:
- Part of your salary through your employer;
- Your savings and investments in a financial institution;
- Money or other property another person owes you;
- Company shares you own;
- Any cash you might have in your home;
- Furniture, your vehicle* or a game console.
How can you avoid getting to that point?
For a creditor, seizure is the last resort to recover the money owed to it. In your case, this step may be a difficult experience. Instead of waiting until you’re on the brink, you should do your utmost to avoid getting to that point.
Several solutions are available to settle your debts without a seizure. They will help you avoid being constantly harassed by our creditors.
The best option is to consult with a financial recovery counsellor like the ones at Raymond Chabot. They will explain how to get your creditors to stop calling you. Together, you’ll look at the best solution for you. Whether it’s a debt consolidation, making a consumer proposal or declaring bankruptcy, you will receive guidance on how to put an end to your money problems.