Most debts are discharged by a bankruptcy or consumer proposal. This means they are eliminated and you don’t have to pay them.

However, there are some debts that are not covered by your bankruptcy or consumer proposal. When you meet with the trustees at Yanch Dey & Associates Ltd. we will explain to you if you have any debts in the GTA that will not eliminated by a discharge.

Some debts that would not be discharged include:

  • Student loans if you have not been out of school for seven years
  • Spousal support (alimony) and child support
  • Fines or penalties imposed by a court for an offence
  • Debt that arose fraudulently

Some individuals struggling with debt that is not eliminated in their bankruptcy, continue to file for a consumer proposal or bankruptcy because it gives them relief from other debt. In turn, this puts them in a better position to deal with that debt that survives the bankruptcy.

If you’re considering filing for bankruptcy, the first step is you call and arrange an appointment with one of our Licensed Insolvency Trustees. We inform you on what to expect when you begin the bankruptcy process.

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Have a bankruptcy, consumer proposal or financial issue you'd like to discuss? Send us and email and we respond within four (4) hours.