Small Business

The Trustee went over all my options, including filing a bankruptcy or a proposal.

I was not working and not sure when I would be, so I did not want to filing a consumer proposal was not an option.

The Trustee explained that in a bankruptcy I would be bankrupt for 9 months and during that time I could continue as I normally would.

I did not have any assets other than an older car, my personal furniture and stuff which I was able to keep.

The Trustee did make me aware that if I did begin working while I was bankrupt, I had to let them know.  They explained I might have to make payments to make to my creditors depending on what my income was.

If I did have to make payments I would be bankruptcy for 21 months instead of 9.

The entire process for my business bankruptcy including my personal debt was pretty simple, I had to:

• fill out monthly budgets,
  • which the trustee helped me with whenever I had questions
• send the trustee my tax information,
  • so they could file my taxes and get me up to date with my filings and
  • make sure the tax debt I had was wiped out in my bankruptcy
• meet the trustee two different times,
  • at the beginning of the process to go over the budgeting, and
  • at the end to go over financial goals and re-establishing myself.

I was able to get work managing a restaurant about 2 months after I went bankrupt.

Once I started working, the trustee explained that I would be in bankruptcy for 21 months and have to pay $220.00 a month for the rest of the the bankruptcy, so 19 months.

I made my payments and when the bankruptcy was over and I got to start over again, with no debts.  I saved over $150,000.00!

I wish I had talked to someone like YanchDey before I ever went into business so I would know what I was getting into.

I am just grateful that they were there to give me good advice and get me out of a terrible situation, my life has completely turned around for the better.

Name withheld