Peterborough Insolvency Trustees
1135 Lansdowne Street West, Unit 10
Peterborough, Ontario, K9J 7M2
Phone: 705-876-1775
Email: help@YanchDey.com
Hours
Monday to Friday
09:00 AM – 05:00 PM
Saturday & Sunday and Evenings by appointment
YanchDey & Associates
Peterborough Insolvency Trustees for Bankruptcy & Consumer Proposals
Peterborough 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!
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 continuing with overwhelming debt, an insolvency trustee is allowed by law to meet with your creditors and reduce the amount you owe. Then the trustee can create a payment plan for the balance that is affordable to you, payable over 3 to 5 years.
Every situation is unique—Let’s fix yours!
Call YanchDey today, Let’s just have a conversation about your debts
📞 905-721-7506
💬 Get Expert Advice
The first step toward a debt free life!
How a Consumer Proposal Works
In a consumer proposal, the proposal administrator makes an agreement with your 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 $10,000 your debt could be dropped to $3,000 payable over 5 years. 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 Peterborough 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!
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 obligation or cost to learn what your options are.
We’ve helped hundred of people in Peterborough just like you. Call us today at 705-876-1775.
