Oshawa Insolvency Trustees
215 Simcoe Street North,
Oshawa, Ontario
L1G 4T1
Phone: 905-721-7506
Email: help@YanchDey.com
Hours
Monday to Friday – 09:00 AM – 05:00 PM
Weekends & evenings by appointment
YanchDey & Associates
Oshawa Insolvency Trustees for Bankruptcy & Consumer Proposals
Oshawa Bankruptcy Trustees
How Bankruptcy Works
Bankruptcy in Ontario is a legal process under the Bankruptcy & Insolvency Act.
In bankruptcy, if you cannot pay your bills you can apply for insolvency and receive debt relief through a bankruptcy trustee, now called a Licensed Insolvency Trustees.
When a person files for bankruptcy, the bankrupt agrees to surrender non-exempt belongings to the trustee, in exchange for the elimination of their debts.
In exchange the court issues a “stay of proceedings“. A stay of proceedings means that all of your debts are forgiven, wage garnishments, legal actions are stopped and creditors are forbidden from calling or harassing you.
If your unable to pay your bills, give us a call we can offer you solutions about how we can get you out of debt!
Give us a call, we’ll be happy to review your issues with you, with no fee or obligation.
What’s a Consumer Proposal?
A Consumer Proposal is a government-approved debt relief program that helps you reduce your debt and avoid bankruptcy.
With a consumer proposal, you can:
- Pay only a portion of what you owe
- Consolidate credit into one lower payment
- Stop collection calls & wage garnishments immediately
- No added interest, penalties or fees
- You lose none of your property
Instead of struggling with overwhelming debt, our licensed insolvency trustees negotiate directly with your creditors to reduce the amount you owe and create an affordable repayment plan over 3 to 5 years.
Every situation is unique—let’s talk about yours.
Call YanchDey today for a free, no-obligation consultation and take the first step toward financial freedom!
📞 Call Now: 905-721-7506
💬 Get Expert Advice—It’s Free!
How a Consumer Proposal Works
In a consumer proposal, the proposal administrator makes an agreement with the unsecured creditors (e.g. credit card companies) to pay only a percentage of what is owed, over a 3 to 5 year period.
The payment is based upon what you can reasonably afford to pay and creditor expectations. The amount is negotiated for you by the insolvency trustee, acting for you as the consumer proposal administrator.
In a proposal, most people will save about 70% of the debt owed. For example, if you owed $25,000 your debt could be dropped to $7,500 payable over 5 years at $125/month! Without any fees or interest added!
The Role of a Bankruptcy Trustee
The bankruptcy trustees job in Canada is to assist those with insolvency and debt issues get control of their finances.
Our bankruptcy trustees in Oshawa provide counseling, bankruptcy service and use debt management tools like consumer proposals. These financial tools have help thousands of people get control over their debts.
In Canada bankruptcy trustees and insolvency trustees avoid having to appear in court, unlike other countries where insolvency laws require a court appearance and the retaining of a lawyer.
The bankruptcy trustee is licensed by the Canadian Government to administer bankruptcies and consumer proposals, the use of a lawyer is not required or necessary.
Filing for bankruptcy is done through an Insolvency Trustee who administers the bankruptcy within the rules of the Bankruptcy and Insolvency Act, including and money, property or assets held in trust.
Make that Call Today!
Kelly Dey Oshawa Insolvency Trustee
You’ve thought about it, now take the first step to being debt free.
Give us a call and lets have a conversation about your debt and how we can help you.
We offer a free opportunity to discuss your finances either over the phone or at our office. There’s no cost to learn what your options are.
We’ve helped hundred of people in Oshawa and Durham Region, and we can help you. Call us today at 905-721-7506.
FAQs Frequently Asked Question About Bankruptcy
What do you lose if you declare bankruptcy in Oshawa?
When you file for bankruptcy in Oshawa, you may be required to give up certain non-exempt assets so they can be sold to repay your creditors. These can include:
- High-value vehicles over the exemption limit
- Non-RRSP investments such as stocks or GICs
- Equity in a second home, cottage, or rental property
- Tax refunds or HST credits not protected by law
Most people keep their basic household goods, RRSPs (except recent contributions), and work tools, but your trustee will explain exactly what applies to you.
What is the downside to filing bankruptcy in Oshawa?
Bankruptcy is a serious legal process with some drawbacks you should be aware of:
- Your credit rating drops and stays affected for up to 6 years
- You may lose non-exempt assets or have to make surplus income payments
- You’ll be required to complete credit counselling and report your income
While bankruptcy has consequences, many people in Oshawa see it as a chance to reset financially.
What qualifies you for bankruptcy in Canada?
To be eligible to file bankruptcy in Oshawa or anywhere in Canada, you must meet these criteria:
- Owe at least $1,000 in unsecured debt
- Be unable to pay your debts as they become due
- Live, work, or own property in Canada
Your Oshawa bankruptcy trustee can help confirm if you meet the requirements during a free consultation.
How long do bankruptcies last in Ontario?
The length of a bankruptcy depends on your situation. In most cases:
- First-time bankruptcies without surplus income last 9 months
- If surplus income applies, it lasts 21 months
- Second bankruptcies last 24 or even 36 months
Your trustee in Oshawa will go over your income and let you know how long your bankruptcy would take before you file.
Do people regret filing for bankruptcy?
Most people in Oshawa who file for bankruptcy do not regret it. In fact, many report feeling relieved after they:
- Stop harassing collection calls and wage garnishments
- Discharge overwhelming credit card and loan debt
- Start fresh and begin rebuilding credit with a clean slate
While no one wants to go bankrupt, it’s often a practical and empowering choice for those who need a financial reset.
Does bankruptcy clear all debts in Ontario?
Bankruptcy eliminates most unsecured debts, including:
- Credit cards and lines of credit
- Payday loans and personal loans
- Utility bills and some income tax debts
However, bankruptcy does not erase every type of debt. Some debts like child support, student loans under 7 years old, and court fines will remain. Your Oshawa trustee will review which of your debts are dischargeable.
How much debt do you need to file bankruptcy in Canada?
The legal minimum is just:
- $1,000 in unsecured debt
However, most people in Oshawa consider bankruptcy when they: - Can’t make monthly payments or pay bills on time
- Are relying on credit to cover essentials
- Face legal actions, threats, or stress from creditors
Even if your debt is relatively low, a bankruptcy or consumer proposal could still be the right option depending on your situation.
Does bankruptcy clear CRA debt?
Yes, CRA debt can be included in a bankruptcy in Oshawa. This may include:
- Personal income tax owing
- HST or GST amounts for self-employed individuals
- Penalties and interest from late filing
Bankruptcy or a consumer proposal can immediately stop CRA collection actions such as frozen bank accounts and wage garnishments.
What is the minimum debt to file bankruptcy?
To file bankruptcy in Ontario, the minimum debt required is:
- $1,000 in unsecured debt
That said, whether bankruptcy is your best option depends on your total financial picture. Your local Oshawa trustee will help you understand all available solutions before you decide.
