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

As Insolvency Trustees our job is to help people with overwhelming debt and facing insolvency.

We do this by providing advice and counselling with insolvency solutions like consumer proposals, and bankruptcy applications.

Where you or your business have debt issues and are looking for a solution, we invite you to learn from our website and give us a call.

Insolvency Trustees | Consumer Proposals and Bankruptcy

john lentos

1 day ago

★★★★★ When they garnished my wages,Yanchdey was informative, stopped the garnishment and showed me how to be debt free in three years. Highly Recommend!

Role of Insolvency Trustees

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

Insolvency trustee are authorized to provide:

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

Filing for Bankruptcy

Licensed insolvency trustees administer bankruptcies in Canada.

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

In bankruptcy, the debtor or business surrenders their assets (property they own) to an insolvency trustee. In exchange the debts are discharged (forgiven). Most personal property is exempt from seizure, including tools & vehicles to a certain value. There are exemptions to what property is surrendered.

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

Where you or your business is considering bankruptcy, speak to one of our insolvency trustees.  The trustee will listen to you, answer any questions. Where you decide to proceed, the trustee will advise you through all stages of the bankruptcy including filing the bankruptcy with the Office of Superintendent of Bankruptcy, formally declared the bankruptcy.

Once a bankruptcy is filed:

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 assets may be upsetting, but most personal items do not have to be surrendered.  There are exemptions for personal clothing, furniture, household goods, tools, vehicles to a value, and other property.  Bankrupts may buy back assets that are not exempt and have to be surrendered.

Consumer Proposals

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

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

In a proposal a licensed insolvency trustee settles the debts owed for unsecured credit. Unsecured credit is bills and debt for credit cards, lines of credit, loans, and income tax debt.

In a consumer proposals the debtor avoids filing for bankruptcy, using debt consolidation, and no property is surrendered. The lender is paid a percentage of the debt with monthly payments

Once a consumer proposal is filed you’ll only repay a percentage of the dollar amount, (usually about 30% or less).  Payments are made over 3 to 5 years, without interest or penalties added.

Once the proposal is filed a stay of proceedings is invoked. Creditors must stop:

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

The stay of proceedings ending the stress of dealing with debt collectors, and will drop your stress dramatically.

Once the paperwork is filed all legal actions 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.

Speak with an Insolvency Trustee Today

No Obligation Discussion of Your Finances

There is no fee to speak with a trustee.  Licensed Insolvency trustees are licensed by the Canada government and are the only credit agency permitted to provide insolvency services.

Discuss your debts problems with us and we can answer any questions you may have.

The Insolvency Trustee can explain how they can help you get out of debt, exemptions and the rules to rebuilding your credit score.

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.

Do I need an Insolvency Trustee?

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

As government appointed trustees we help individuals, sole proprietorship’s, partnerships, and corporations in restructuring debts and financial affairs.  We provide the tools for a fresh start, to take control of finances, your budget, and give pointers for dealing with credit in the future.  At YanchDey we get you back in control of your financial life.

Learn the differences or alternatives to learn there are options for insolvency 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 GTA consumers for over thirty-five (35) years.  Where you’re 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.

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.

Non-licensed debt settlement agencies

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

Although you may see “come-ons” and credit agencies offering quick, easy and 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 become debt free 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.

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