You might consider personal bankruptcy if:
- your debt is increasing vs declining
- you are unable to pay bills & credit cards as they come due
- your debts leave little left over for living expenses
- wages are being garnished
You might consider personal bankruptcy if:
If you feel your bills are piling up, are going unpaid and you are wondering how you are going to manage, give us a call to get some advice.
Personal Bankruptcy can be for people facing debt that feels overwhelming.
When you file for bankruptcy, debts are legally “stayed” meaning, all payments, legal collections, including wage garnishments are stopped.
In bankruptcy you surrender non-exempt property and assets, in exchange all debts and bills are cancelled.
If you need financial help personal bankruptcy gives you a fresh “debt free” start.
Considering bankruptcy may leave you feeling overwhelmed, but there are many benefits:
Personal bankruptcy benefits are immediate, with long term benefits as well to you and your family. The stress in your life is reduced once you make the decision to work with a Trustee and do something about your debts and financial issues.
Tax debt, credit card debt, certain student loans and all unsecured debt are cleared in bankruptcy.
In bankruptcy you do not lose all of your possessions. If you file for bankruptcy you keep your personal belongings including:
Exemptions can change within the Execution Act from time to time.
You qualify to file for personal bankruptcy if you are unable to manage your debt as it comes due or are considered insolvent, meaning:
Anyone may file for bankruptcy in Canada who resides in, or 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, who will discuss your concerns surrounding your debt.
The trustee will be able to tell you the best options for you, and discuss alternatives such as:
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;
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.
Questions about insolvency and bankruptcy? I invite you to call our office to speak to myself or one of our insolvency trustees.
We’re happy to speak over the phone or in-person at one of our offices.
Where you have questions or need some advice, please feel free to give us a call without cost or obligation.
Call us today at 905-721-7506.
We invite you to speak to one of our trustees about your debts. We provide government licensed trustees to help you with your personal finances.
Wage Garnishments: How bankruptcy stops wage garnishments
Bankruptcy Advantages: The benefits & disadvantages of bankruptcies
Bankruptcy FAQs: Questions answered about bankruptcy
Bankruptcy is for individuals, allowing for financial debt relief and counseling, while treating creditors fairly.
R. Mitchell
6 days ago
★★★★★ Kelly and her staff made the bankruptcy process very easy. It was a relief to my wife and I to have professionals such as these, very supportive. Thanks again
D. Ganguli
2 weeks ago
★★★★★ Some bad financial decisions including being laid off resulted in huge credit card debt and other loans we were never going to be able to pay off. After I finally got fed up with the collection calls and bills my husband and I decided to get some help. We decided on bankruptcy giving up many things we didn’t really need, and the counseling was great for us at our age. It wasn’t easy, but we are much happier and debt free. Thanks Again, would recommend.
Jo-anne Lee
1 month ago
★★★★★ I needed to get out of debt. I still had a student loans of $14,000, credit card debt and had just received a letter of garnishment. A credit counselor recommended I look into filing for bankruptcy. The bankruptcy trustee was easy to speak with and listened to me. Together we discussed the pros and cons and options available. The bankruptcy will pass, but I’m much happier without the burden of debt in my life. I should have gotten the financial counseling years ago.
Christia McIntyre
4 weeks ago
★★★★★ .Professional and friendly, on their advice I did a consumer proposal vs bankruptcy and will be completely out of debt in 2.5 years!! Debt Free! Many thanks
S. Lee
1 month ago
★★★★★ They were completely upfront about what my options were, and gave me a clear cut plan about how I could stop the calls, bill collectors, and credit card bills that just kept getting bigger and bigger. Filing for bankruptcy was not an easy decision but the trustee was there for me all the way. Thanks Again!