Personal Bankruptcy

As licensed insolvency trustees, YanchDey can show you how declaring bankruptcy stops monthly payments and loan debt forever!

Filing for bankruptcy maybe overwhelming, but there are many benefits:

• loan debt stops
• you get a fresh start
• bankruptcy fixes many financial problems
• collection calls, garnishments and legal actions are stopped
• start rebuilding credit ratings in as little as 9 months

Personal bankruptcy benefits are immediate, with long term financial benefits to you and your family. The fresh financial start dramatically reduces the stress in your life.

Tax debt, credit cards, certain student debt and unsecured consumer credit are cleared in a personal bankruptcy.

★★★★★ I made an appointment to speak with Kelly who was non-judgmental and explained what my options were and how she could help us. Kelly helped us file for bankruptcy stopping the garnishee and creditor phone calls. I only wish we’d called sooner, Many thanks! J. Matherson, Oshawa.

In bankruptcy you do not lose all of your possessions.  If you file for bankruptcy you keep your personal belongings including:

• all personal clothing
• furniture & appliances up to a value of $14,180.00
• motor vehicles to a value of $7,117.00
• tools & equipment for work $14,405.00
• farming equipment to $19,000
• pension plans, certain life insurance policies and all RRIF, RSPS and RRSP except for contributions made in the previous 12 months

Exemptions can change within the Execution Act from time to time.

An individual can declare bankruptcy where they:

• owe more than $1,000
• are unable to pay debts when due
• debts are more than the value of assets
• you reside in, or have a business or property in Canada

Anyone may file for bankruptcy who resides in, has a business or owns property in Canada.

★★★★★ Thank you for the help, I suffered some major setbacks, which made my debt problems worse.  When my paycheque was garnished, I figured I had to do something.  Called Yanchdey and they got me out of debt, the feeling of relief was great. Robert Jarvis, Oshawa

Before you consider bankruptcy, let’s have a discussion about your finances first. When you call our offices you will speak to an insolvency trustee. Together we’ll go over your finances.

The trustee will be able to tell you the best options for you, and discuss alternatives such as:

• Consumer proposals
• Financial counselling
• Consumer consolidation loans

Consumer proposals for example, can be a better solutions in some cases and where you keep assets instead of losing them.

We are here to help, give us a call today at 905‑427‑6647.

In a personal bankruptcy, the law requires the bankrupt to surrender some assets to the trustee. The trustee sells the assets and distributes the funds to any creditors.

In bankruptcy assets are;

• vehicles over $7,117.00 in value
• furniture & appliances over $14,180.00 in value
• tools of the trade over $14,405.00
• RESPs, TFSAs, monies in any savings or bank accounts
• insurance policies (with exceptions)

Most people considering bankruptcy have exhausted any cash they may have trying to manage their debt load. The effect on cash accounts is minimal and in a personal bankruptcy people keep their personal belongings.