Introduction to Sands & Associates

Are creditors harassing you? Are the endless phone calls and collection letters causing you stress? Are you living on your credit cards? Are you unable to maintain your minimum payments? Are you being pursued for government debt? If you answered yes to any of these questions, you are not alone. In the last twelve months period ending July 2009, 109,775 Canadians were in the same financial position and found relief by filing into bankruptcy. Another 30,521 Canadians settled their indebtedness by filing a proposal to creditors.

No matter what the cause of insolvency, the Bankruptcy and Insolvency Act does not restrict a person from filing into bankruptcy. For example, you could be in financial trouble due to the loss of employment, a divorce, a leaky condo, medical problems, gambling, substance abuse, or poor money management. Filing into bankruptcy or making a proposal to your creditors is your personal decision based upon your individual circumstances. At Sands & Associates, we understand that most people file into bankruptcy or make a proposal to creditors because of unfortunate circumstances, and we will guide you through this difficult time.

Bankruptcy or a proposal to creditors can provide shelter from the financial storm. It will stop most legal proceedings, garnishees, and phone calls from your creditors. It provides a fresh start by pardoning your debts including credit card debts, lines of credit, legal bills, utility bills, medical bills, automobile insurance, judgments, government debts, etc.

At Sands & Associates, we make filing into bankruptcy or making a proposal to creditors simple. We will arrange for a free initial consultation with one of our knowledgeable staff to discuss your financial status, and help you to determine whether bankruptcy or a proposal to creditors is the right choice for you. In certain circumstances, you may be qualified to restructure your finances and file a proposal to your creditors instead of filing into bankruptcy. Should you choose to file into bankruptcy or make a proposal to your creditors, we will process the necessary paperwork, arrange for possible meetings with creditors, provide two credit counselling sessions where needed, administer and oversee your bankruptcy proceedings, apply for your discharge from your creditors, and distribute funds to your creditors.

After you have filed into bankruptcy, you are required to perform your duties as outlined in the Bankruptcy and Insolvency Act. Some of the duties in a bankruptcy include keeping the Trustee informed of your current address, declaring your monthly income and expenses for a minimum of nine months, attending two credit counselling sessions, and paying the Trustee an amount that is dependent upon your income and the assets that you own.

If this is your first bankruptcy, the earliest that you will be eligible for your discharge is nine months after your date of filing. A discharge from bankruptcy means that your debts will be eliminated and your creditors can no longer pursue you for the outstanding amount owed. It provides peace of mind and a chance for a fresh financial start.

If you choose to make a proposal to your creditors and if the creditors and the court accept it, the contract is binding between you and the creditors. A certificate of completion, which discharges your indebtedness, will be given as long as you meet the terms of the contract and remit the appropriate funds or assets to the Trustee.

Please review our website for further information, or forward any questions to info@sands-trustee.com. If you would like a free consultation with one of our estate managers, please contact one of our offices listed here.

If you have any questions, please do not hesitate to contact any of our offices.