I owe lots of money on credit cards and only own a few assets (tv, furniture etc.) all of which have realitvely little value. I also lease a car.
Lately, the collection agency keeps calling and I can’t pay, I just don’t have the money to pay (nor can I afford to file a bankrutpcy either). The collection agents have said that I have to pay or they will take my car and furniture. If I don’t declare bankruptcy can they do that?
Likely your creditor agents are simply making threats to encourage payment. Each province has a list of exemptions that determine what collections agents can and can’t attack in the absences of consent (i.e. a properly signed security agreement) so the liklihood of them being able to take all the items listed is small. For more information you are best to contact a local trustee and they will be able to review your loan documents and verify what the creditors have a right to.