Will my Creditors Stop Harassing me?

Will my Creditors Stop Harassing me?

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“Will my creditors stop harassing me?”  This is one of the main triggers that drive debtors to seek bankruptcy protection.

Yes, they will! As soon as a bankruptcy or a consumer proposal is filed a Stay of Proceedings goes into effect.

The Stay of Proceedings stops collection actions and contact actions against a bankrupt. Interest stops accruing and wage garnishee orders, whether in place or contemplated are stopped.

This does not apply to secured creditors such as banks holding, for example, a lien on a car.