YanchDey & Associates
Scarborough Bankruptcy Trustees
What is a Consumer Proposal?
- a government approved program
- to pay creditors a reduced amount of the debt owed
- on unsecured debt, credit cards ect,
- over a 3-5 year period
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 afford to pay and creditor expectations. The amount is negotiated for you by the insolvency trustee, acting 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!
Personal & Business Bankruptcy
Bankruptcy in Ontario is a legal process under the Bankruptcy & Insolvency Act.
The bankrupt agrees to surrender non-exempt belongings to the trustee, in exchange for the elimination of their debts.
Give us a call, we’ll be happy to review your issues with you, with no fee or obligation.
As one of Scarborough’s oldest and most reputable Bankruptcy Trustees for consumer proposals, personal bankruptcy and business bankruptcies we help people get out of debt and assist with financial issues.
Located on Markham Road just north of Highway 401 within the OTT Legal building, free parking is available.
1 week ago
★★★★★ Searched for debt relief and found the help I needed, We saved $25k and will be out of debt in 5 years. Many Thanks
3 weeks ago
★★★★★ The credit card interest just kept growing, we weren’t reducing it. I spoke to YanchDey and they got it dropped by $15,000, we will be out of debt in 3 years, Highly Recommend
2 months ago
★★★★★ I called thinking I’d be filing for bankruptcy, instead I saved over 20k in debt. I’m in a consumer proposal, and avoided the bankruptcy. The garnishee was stopped, only thing I lost was the huge debt. Will be debt free in 5 years!
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Bankruptcy Trustee Categories
- Consumer Proposals Scarborough
- Scarborough Bankruptcy Trustees
- Credit Counselling Scarborough
- Debt Reduction Scarborough