What is a “Writ of Execution”?
What is a “Writ of Execution” is when a creditor can file a lawsuit against a debtor. If the lawsuit is successful this is called a judgement. The judgement is a legal document stating that the debtor does, in fact, owe the creditor this money.
A writ of execution is permission issued ( a judgement) to a creditor to collect the money outstanding. For example, a writ of execution can freeze a debtors bank account funds and/or garnish wages.
If a bank has a writ on your name, the bank must have previously obtained a judgement and registered the judgement against either your name or perhaps your house/property. However, upon filing for bankruptcy or consumer proposal, the bank (creditor) cannot enforce the Writ of Execution.
The writ will be removed after you submit the bankruptcy discharge application to the court.
See “Writ of Garnishment” for further information.
Contact Rumanek & Company Ltd. for more information on bankruptcy and debt solutions. Or please fill out the free bankruptcy evaluation form. To learn more please visit our YouTube Channel. Rumanek & Company have been helping individuals and families overcome debt for more than 25 years.
To learn more please visit our YouTube Channel.
