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Druker & Associates is one of the longest established licensed insolvency trustees offices in Canada, founded on a handshake in 1952 by Samuel Druker, CA and Jacques Geoffrion.


Our team of licensed insolvency trustees and administrators have served the Greater Montreal region for over 60 years building a reputation of confidence, trust, and respect  with our clients.

We continue to be recognized as a trusted source whose principal focus is discretion. With a clear understanding of our customers' needs, our team of accredited professionals offer step by step explanations and guidance throughout the entire bankruptcy process. We will demonstrate our ability to solve your financial woes, from your initial consultation up until your complete discharge.


Apprehension due to humiliation and distress is quite understandable, yet Druker & Associates will free you of any uncertainty by offering reliable and informative tools for remodeling your financial structure and freeing you from debt.

We believe and understand that with economic uncertainty and personal distress comes financial strain. Public stereotypes are often associated with failure or inability to manage finances. This can lead to being negatively portrayed, but often enough, there are other reasons or unfortunate events that are the cause. We promise to not only put you on the path to recovery but to restore your dignity and peace of mind, as well.

FAQ

the most popular questions

Q: Which debts can be discharged?

A: 

All debts must be included when filing for bankruptcy. The main advantage of filing for bankruptcy is the immediate cancellation of unsecured debts (money owed without collateral) such as:

Unsettled government or income tax debts

Credit cards

Outstanding utility bills

Lawsuits

Student loans (must be at least 7 years since student activity has ceased)

Personal loans or lines of credit


You will also be protected from: public utility cuts (telephone, electricity), wage garnishment and property exemptions:

Moveable property that furnishes a main residence

Food and clothing

Tools and instruments needed for professional activity (e.g., mechanic's tools)

Personal documents and family portraits

Alimony and child support payments

Equipment needed for the accessibility of a handicapped person

All goods received in an inheritance

CSST and disability indemnities

RRSP contributions made within 12 months preceding your bankruptcy

Q: What happens during bankruptcy?

A: 

There are a number of tasks that you must complete during bankruptcy.

Duties at the start of bankruptcy:

As soon as your bankruptcy begins, you must surrender your credit cards and all non-exempt assets to your licensed insolvency trustee.


Creditors meeting:

For most personal bankruptcies, there is no creditors’ meeting. A meeting of creditors is held if requested by the Superintendent of Bankruptcy or by the creditors with an aggregate of at least 25% of the proven claims. These meetings are usually held at the office of the trustee.


Income tax:

You must give the licensed insolvency trustee your T-4 slips and any other information necessary to complete any outstanding tax returns as of the date of bankruptcy. When you file for bankruptcy, the day you file is considered the end of your fiscal year so that in the year you file bankruptcy you actually have to file two different tax returns. All income tax debt will be included in your bankruptcy, although you may be required to pay it separately. Any refund to which you are entitled will be considered an asset and included in the distribution of funds to creditors.


Monthly reporting:

Each month, you must report your household income and living expenses and any change in your family situation to your licensed insolvency trustee, along with copies of your pay stubs. Your licensed insolvency trustee will give you the appropriate forms to fill out in order to provide him or her with this information.

From your income and expenses, your trustee determines if your net income was higher than the limit allowed by law for you to live. If you have any “surplus income”, you will be required to make a payment each month to the licensed insolvency trustee. In a bankruptcy the more you earn, the more you are required to contribute to your estate for the benefit of your creditors.

For most people, it is the monthly income reporting that requires the most homework. However, the monthly income and expense reporting throughout bankruptcy is usually very helpful for most people, as they now keep track of the money coming into the household, how they spend it and when.


Counselling sessions:

To be eligible for an automatic discharge after 9 months, you must participate in 2 credit counseling sessions. The counseling can be one-on-one, between you and your trustee, or if you prefer, it can be in a group consisting of other bankrupts and your licensed insolvency trustee.

Q: Duration of Bankruptcy?

A: 

Several factors affect the duration of your bankruptcy in Canada. Your bankruptcy ends when you receive a discharge, the event that actually cancels the debts from which you are discharged.

Most bankrupts in Canada are eligible for discharge after the minimum period of nine months. Your bankruptcy will last for more than nine months if your income increases, have fiscal debts of $200,000 or more (MRQ or CRA), or have your discharge opposed.

AUTOMATIC DISCHARGE

After nine months of financial guidance and having successfully participated in the 2 consultation meetings, your bankruptcy licensed insolvency trustee will issue you a certificate of discharge (assuming there is no opposition). Once discharged, you will be officially and legally released from your debts in question.

We offer free consultations

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