Licensed Insolvency Trustees

Advice & practical solutions for bankruptcy, consumer proposals, credit card debt, loans & financial issues.

Advice & practical solutions for bankruptcy, credit card debt, loans & financial issues.

Licensed Insolvency Trustees

Licensed Insolvency Trustees (formerly called Bankruptcy Trustees or trustee-in-bankruptcy) are federally regulated through the Office of the Superintendent of Bankruptcy.  Insolvency Trustees are considered “Officers of the Court” .

Insolvency trustees administer insolvency applications, discharging debt using consumer proposals, bankruptcy and counselling.

When a proposal or bankruptcy is filed, the trustee guides the debtor through the process, prepares and files all paperwork, and deals with creditors.

Insolvency Trustees | Consumer Proposals and Bankruptcyjohn lentos

1 day ago

★★★★★ When they garnished my wages I had to call someone. Yanchdey was informative, explained my options and showed me how to be debt free in three years. Highly Recommend!

What Does an Insolvency Trustee Do?

Trustees provide advice, credit counselling, and practical solutions for credit card debt, loans and financial issues.

An Insolvency Trustee is authorized to provide:

By law Bankruptcies and consumer proposals must be filed through a Licensed Insolvency Trustee.

What is Filing for Bankruptcy

Licensed insolvency trustees are responsible for bankruptcies in Canada.

Filing for bankruptcy is a process for individuals or businesses that are struggling with debt or indebtedness issues.

In a bankruptcy proceeding the debtor or business surrenders their assets (property they own) to an insolvency trustee. In exchange the debts are discharged. There are exemptions to what property is surrendered, including personal-property.

Under the bankruptcy act, once filed, creditors and collection agencies are required to stop harassing or contacting you.

The trustee will listen to you, take your information, and complete the forms on your behalf. The trustee will then file these documents with the Office of Superintendent of Bankruptcy and you will be formally declared bankrupt.

Once the application has been filed:

  • any garnishments against your salary will stop
  • you stop making payments on what you owe to unsecured creditors
  • any lawsuits against you by creditors will also be stopped

In plain language, the idea behind personal bankruptcy in Canada is: you assign (surrender) non-exempt assets to a Licensed Insolvency Trustee in exchange for the elimination of your unsecured debts, through bankruptcy protection.

Surrendering many of your assets may be upsetting, but most personal items do not have to be surrendered.  There are exemptions for things like personal clothing, furniture, household goods, tools, vehicles to a value, and other property.  Bankrupts also have the option to buy back the assets that are not exempt and have to be surrendered.

What is a Consumer Proposal

In a proposal the licensed insolvency trustee settles the debts owed with unsecured creditors. Unsecured credit are bills like credit card debt, lines of credit, loans, and income tax debt.

Consumer Proposals are a debt remedy alternative to insolvency and bankruptcy. A proposal is a negotiated repayment settlement of unsecured debt with no interest to a creditor.

The consumer proposal avoids the debtor having to file for bankruptcy, using debt consolidation.  The lender is paid back a percentage of the debt with monthly payments

As licensed insolvency trustees, we’ll review your finances and credit by going over your monthly bills, debts and loans. We do everything for you.

Once a consumer proposal is filed you’ll only repay a percentage of the dollar amount, which is often up to a minimum 70% savings.  Your payments are made over 3 to 5 years.

Consumer proposals are administered through the licensed insolvency trustee acting as a proposal administrator.

Once the proposal is filed a stay of proceedings is invoked whereupon creditors must stop:

  • wage garnishments
  • collection calls for outstanding debts
  • legal actions or enforced collections on credit or loans

The stay of proceedings gives breathing space to allow you to regain control.  Ending the stress of dealing with debt collectors.

Once all the paperwork is filed all legal actions must stop, including garnishments, and creditors must deal with the Trustee, not you.

In order to qualify, your debts cannot exceed $250,000.00 after any mortgages against your principal residence.  A Licensed Insolvency Trustee must prepare and administer the proposal on your behalf.

The lending community and the credit bureau recognize the difference between a proposal and bankruptcy.  Your credit rating is less  affected.

Speak with an Insolvency Trustee Today

No Obligation Discussion of Your Finances

Licensed Insolvency trustees are licensed by the Canada government and are the only credit counselling agency permitted to provide insolvency services.

Discuss your debts problems with us and we can answer any questions you may have, there is no obligation or fee to speak to a Trustee.

The Insolvency Trustee can explain how to restructure and reorganizing your debt, bankruptcy exemptions, and rules to rebuilding your credit score and financial future.

We can offer solutions to student loans, credit cards debt, personal debts and where you have been sued.  Consumer protection is available under Canadian law by the office of the Superintendent of Bankruptcy of Canada.

Discuss your types of debt and debt problems with us and you’ll see how YanchDey are the Insolvency Trustees to help you.

Do I need an Insolvency Trustee?

Bankruptcies and debt solutions are required by law to be administrated through a licensed insolvency trustee. The trustee is not only required by law, but is there to assist and provide advice to you.  The trustee will explain your options and file the paperwork for you or assist in liquidating a business.

We help people, sole proprietorship’s, partnerships, and corporations in restructuring their debts and financial affairs.  We’ll give you the tools for a fresh start, to take control of your finances, your budget, and give you some pointers for dealing with credit in the future.  At YanchDey we will get you back in control of your financial life.

We will explain the differences or alternatives and give you our opinion as to what’s best for you.  Many people who come in considering insolvency are relieved to learn there is a better financial option with less repercussions.

We’ve helped thousands of people with debt and insolvencies. Our trustees work with you giving you guidance and support, while answering any questions along the way.

Experienced and Committed

As insolvency trustees and proposal administrators we have years of experience helping debtors with insolvency and indebtedness.  We are committed to helping you become debt free.

Local Neighbourhood Offices

With six (6) offices as licensed insolvency trustees we have been helping Durham Region and the Toronto GTA consumers for over thirty-five (35) years.  Where your considering bankruptcy or debt repayment speak to the licensed insolvency trustees who know how to stop the phone calls, wage garnishments, and debt collectors from contacting you.

As licensed insolvency trustees, we’re here to help

Our licensed insolvency trustees can guide and advise you what to do.

We understand you’re relying on us with your credit, liabilities and obligations, and we take that trust seriously.  We understand that you are working to get out of debt, and we are here to help.

When you work with us, we’ll explain our part, your part, and we will work together.

Don’t settle for a non-licensed debt settlement agency

Don’t settle for anything but a licensed insolvency trustee.

Although you may see “come-ons” and agencies offering quick and easy, hard to believe solutions, buyer beware!  Only deal with a licensed trustee you know and trust.

Read our reviews and case results and see how we have helped others achieve financial stability for today and the future.

What happens after an Insolvency?

Together we’ll go through either filing for bankruptcy or administrating a consumer proposal.  We will explain the process, complete any paperwork, appear in court, and deal with your creditors. We do everything for you.

Once the process is filed and the legal process is complete the trustee will continue to work with you.  The trustee provides continued support, feedback and deals with credit card companies and creditors.

Where wages have been garnished we’ll file the necessary applications to stop your pay cheque from being taken from you.

Our Philosophy as Insolvency Trustees

YanchDey provides impeccable service, we listen to your concerns and provide viable debt management plans.

With six (6) offices in the Toronto GTA and Durham Region, we’ve got a location close to you, and many times the whole process can be done over the phone.

Stop the collection calls, wage garnishments, and solve your debt & credit problems today.

Send Us an Email

Our office endeavours to respond to emails as soon as we receive them, and will do everything to reply as soon as possible.

Send Us an Email

Bankruptcy Trustee up to top button
Call Now ButtonCall Now