| Author: |
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Confused |
| Date: |
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January 21, 2002 |
| Question: |
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If you're making less then the required payment on your Visa card and they send you a letter that they will instruct the sheriff to seize any non-exempt assets, What does that mean what type of assets are non-exempt? And can a credit card company do that because it is a non-secured debt? What if any are my options? I live in Alberta.
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From: |
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Ann Clarke, Collins Barrow Limited |
| Date: |
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January 22, 2002 |
| Answer: |
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In Alberta, assets which are exempt and cannot be taken by the sheriff
include household goods up to $4,000 in value, clothing, one vehicle
worth up to $5,000 and personal property such as tools that you need to
earn your income. Before the sheriff can seize other assets, however,
the credit card company must have sued you and obtained a judgement
against you. That gives them the ability to seize non-exempt, unsecured
assets.
Your options depend on your income and ability to pay your debts. If
you'd like to talk to one of our Trustees, please call toll-free in
Alberta 310-8888 or check the yellow pages under "Bankruptcy" for a
Trustee near you.
Ann Clarke
phone: (403) 296-2972
aclarke@moneyhelp.ca
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