Your first step to gaining control of your finances and dealing with your debt is a phone call to Yanch Dey & Associates Ltd. in the GTA and Durham Region. When you call our office, one of our Licensed Insolvency Trustees will discuss your situation with you. We answer questions like:
Our team carries over 60 years of combined experience with helping individuals create a healthy financial plan, and we can help you. Call us today to discuss your bankruptcy process.
Bankruptcy occurs when a person is unable to pay their debts. It is a legal process governed by the Bankruptcy and Insolvency Act of Canada. Filing for bankruptcy gives the individual or business a chance to start over by forgiving debts that they are unable to pay.
The bankruptcy procedure begins with the person who owes money speaking with a Licensed Insolvency Trustee. The Licensed Insolvency Trustee is a person licensed by the Federal Government to assist you with filing for bankruptcy. The trustee notifies your creditors that you are unable to pay your debts and that they must now deal directly with the trustee. Collection calls and wage garnishment will stop.
When you go bankrupt, you assign your assets to the trustee for the benefit of your creditors but there are many assets that are exempt from seizure and you will be entitled to keep. Even if an asset isn’t exempt, you often have the option to keep it by simply paying its value into your bankruptcy.
Once bankruptcy proceedings are completed, the debtor is relieved of the debt obligations.
Filing for bankruptcy is just one of the options to deal with your debt problems. There are alternatives to filing for a bankruptcy like consumer proposals, debt management and debt counselling. When you come and speak with us we will go over your options and give you honest advice on what’s best for you.
To qualify for a bankruptcy you need to owe at least $1,000 dollars, be unable to pay your debts as they become due, and have assets that would not be sufficient to pay your debts.
If you’re considering filing for bankruptcy, the first step is to call and arrange an appointment to speak with one of our Licensed Insolvency Trustees. There is no charge for discussing your case. We’re dedicated to helping you find the right debt solution.
Debt Solutions in Durham
It’s time to settle your debt and get a fresh start.