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Tom B.
Tom B., Barrister & Solicitor
Category: Canada Law
Satisfied Customers: 2263
Experience:  25 years in practice
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I was an Ontario resident until 2009. I have been a Québec

Customer Question

I was an Ontario resident until 2009. I have been a Québec resident since then. In 2008, a bank foreclosed on my Ontario property on which I had 2 mortgages, the 2nd being from a private lender ranking behind the bank. The selling price obtained by the bank did not cover either the first or 2nd mortgage. The obtained a judgement against me and their collection agency continues to call me but I do not answer the calls. The 2nd mortgagor obtained a judgement against me in 2010 and also has engaged a collection agency to try and collect. I receive communications from them but do not reply. I do not own any real property at present and the major chattels that I have use of are held by a third party ( a corporation owned by my family members and based in Québec). The said family corporation also owns shares in another company which does have an ongoing income stream from which I benefit indirectly. The amounts owing to both mortgagors total some $70,000 plus interest which I cannot afford to pay. That being said, I do not wish to declare bankruptcy. Am I protected sufficiently from these 2 mortgage creditors ? What other measures, if any, would you suggest ?
Submitted: 12 months ago.
Category: Canada Law
Expert:  Debra replied 12 months ago.

Thanks for your question.

Are you saying you have income and you also own shares in a company or someone holds these shares for you?

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