Licensed Insolvency Trustees

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

Licensed Insolvency Trustees

Licensed Insolvency Trustees (LITs) are federally regulated professionals who provide advice and services for debt problems.

Insolvency trustees are the only professionals authorized by law to administer government-regulated insolvency options.  Trustees are authorized to discharge debt for individuals and businesses through consumer proposals and bankruptcies.

A trustee can explain your options and give advice allowing informed decisions to be made for debt and insolvency issues.

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?

Insolvency trustees provide advice, options and practical solutions for credit card debt, loans and financial issues.

An Insolvency trustee is authorized to provide:

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

What is Filing for Bankruptcy

Filing for bankruptcy is a process authorized by the Canadian government for individuals or businesses that have insolvency or indebtedness issues.

In a bankruptcy the debtor or business surrenders their assets (property they own) to an insolvency trustee and in exchange the debts are eliminated. There are exemptions to what property is surrendered.

Once filed all creditors are required by law to stop harassing or contacting you and must deal only with the trustee.

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 will stop making payments to your 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 liabilities.

Surrendering many of your assets may be upsetting, but most personal items can be kept (e.g. personal clothing, furniture, tools, vehicles to a value, and other property) and bankrupts can buy property back from the trustee.

What is a Consumer Proposal

Consumer Proposals are a debt remedy alternative to insolvency and bankruptcy.

A proposal is a negotiated settlement of unsecured debt with no interest.

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

As licensed insolvency trustees, we’ll review your finances and credit 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 (up to 70% savings), 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 enforce collections on credit or loans

The stay of proceedings gives breathing space to allow you to regain control ending the stress of 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

Insolvency trustees are licensed by the Canada government and are the only persons permitted to provide insolvency services.

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

We can answer questions like – what’s the best solution for you, are there alternatives, and what’s the best way to get you out of debt.

When discussing your bills including loans, credit cards and personal debts we can tell you about the financial protections under Canadian law by the office of the Superintendent of Bankruptcy of Canada.

We believe that once you discuss your rights with us, you will 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 we have been helping Durham Region and the Toronto GTA consumers for over thirty-five (35) years.  We know how to stop phone calls, wage garnishment, and debt collectors from contacting you.

As licensed insolvency trustees, we’re here to help

Our bankruptcy 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 the trustee will continue to work with you.  The trustee will provide continued support and feedback, to make sure you stay on track and understand your obligations.

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.

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