Licensed Insolvency Trustees

Advice & practical solutions for bankruptcy,
consumer proposals, and credit card debt.

Licensed Insolvency Trustees

Licensed Insolvency Trustees or bankruptcy trustees, are licensed professionals who assist individuals and businesses in overcoming financial difficulties, primarily through two methods: bankruptcy and consumer proposals.

Key responsibilities of insolvency trustees include:

  • Managing Financial Affairs: They take charge of the financial affairs of insolvent parties, ensuring fair and legal management.
  • Regulation and Oversight: Their operations are regulated by the Office of the Superintendent of Bankruptcy, a federal government agency, to maintain standard practices.
  • Government-Appointed Assistance: As appointees of the government, they are entrusted with administering bankruptcies and consumer proposals to aid people in resolving their financial challenges.

This role is essential in providing a structured and legal approach to financial recovery for those facing insolvency.

Licensed Insolvency Trustee - Kelly Dey
Key Dey - Insolvency Trustee

What does an Insolvency Trustee do?

A Licensed Insolvency Trustee (LIT) primarily focuses on three key areas:

  • Administering Insolvency Processes: They handle the legal aspects of bankruptcy and consumer proposals, ensuring compliance with relevant laws.
  • Mediating Between Debtors and Creditors: LITs act as intermediaries, negotiating terms and facilitating communication between those in debt and their creditors.
  • Providing Financial Guidance and Compliance: They offer essential advice on managing finances, conduct asset liquidation if necessary, and ensure all parties adhere to the Bankruptcy and Insolvency Act.

Through these roles, an Insolvency Trustee plays a critical part in guiding individuals and businesses towards financial recovery and stability

Filing for Bankruptcy

Filing for bankruptcy is the legal process for insolvency. Bankruptcy enables individuals or businesses in financial distress to eliminate their debts and start afresh with relief.

Benefits of this process can include:

  • Protection: protection from creditor actions such as wage garnishments or legal proceedings.
  • Financial Relief : enabling individuals or businesses to obtain financial relief and start afresh.
  • Structured process to start over: Bankruptcy provides a structured and formal process that will help you financially.

What to expect during the bankruptcy process:

  • Meeting with a trustee: If you or your business are considering insolvency, speak to one of our insolvency trustees. The trustee will listen to you and answer any questions you may have.
  • Surrendering assets: In a bankruptcy, you assign (surrender) non-exempt assets to a Licensed Insolvency Trustee. In exchange, debts are forgiven.
  • Exempt assets: Surrendering assets may be upsetting, but most of your personal items would be exempt from surrender with limits.

If you’re struggling and exhausted other solutions, bankruptcy may be an effective option. Where you decide to proceed, we’ll be at your side completing all the paperwork and all forms.

What is a Consumer Proposal?

Reduce your debts by up to 70% and keep all your belongings with a Consumer proposals.

This legal process slashes what you owe, typically by around 70%. It’s a smart alternative to bankruptcy, helping you avoid its negative impacts.

By opting for a consumer proposal, you work with a licensed insolvency trustee. The trustee assess your financial situation to present a proposal for your creditors. This proposal clearly details your financial status, your capacity to repay debts, and the terms of a manageable repayment plan.

Choose a consumer proposal for a financially smarter and less stressful solution

Creditors are given the opportunity to accept or reject the proposal.

If the proposal is accepted by a majority of the creditors, it becomes legally binding and the individual is required to follow the terms of the proposal.

The benefits to a consumer proposal include:

  • repay only a portion of what’s owed
  • stops wage garnishments and legal proceedings
  • provides a sense of relief and path to get out of debt

Most consumers proposals reduce their debt by 70 percent or more, with a payment plan over 3 to 5 years and no interest fees.

Insolvency Relief Solutions

  • Bankruptcy

    The government allows all secured and unsecured debt to be “stayed” in bankruptcy. Meaning all debts and collections are stopped. Read More >>

  • Student Debts

    Student loan debt forgiveness is available either through a consumer proposal or in Read More >>, by speaking with an insolvency trustee.

  • Consumer Proposals

    Consumer Proposals are:a government program to reduce & consolidate debt saving more than 70% on debt. Read More >>>

  • Credit Card Debt

    Our insolvency trustees can drop your credit card debt by more than 70% and reduce your payments without interest or penalty. Read More >>>

  • Tax Debt Relief

    Tax debt reduced or even canceled completely, speak to our trustees to learn about taxes in a bankruptcy or consumer proposal. Read More >>>

Our Philosophy as Insolvency Trustees

Break the chain of Debt with a Consumer Proposal

Debt Freedom

As licensed insolvency trustees, YanchDey is committed to providing impeccable service. Our team is dedicated to listening to your concerns and finding a viable debt solution that meets your needs. With six offices in the Toronto GTA and Durham Region, we are conveniently located and often able to complete the process over the phone.

If you are tired of dealing with collection calls, wage garnishments, and other debt and credit problems, let YanchDey help. Our licensed insolvency trustees are here to provide the guidance and support you need to get back on track financially. Don’t hesitate, take the first step towards resolving your debt and credit challenges today.

Do not pay a 3rd party for a referral to a Licensed Insolvency Trustee.

This is often a scam which preys on individuals that are already in financial distress. You should never pay to be referred to a Trustee nor should your Trustee be paying someone to receive your referral. Yanch Dey & Associates does not in any way participate in these types of referral scams.

Speak with at Licensed Insolvency Trustee directly. Call 905-721-7506 for your FREE consultation.

Speak with an Insolvency Trustee Today

No Obligation Discussion of Your Finances

There is no fee to speak with a trustee.  Discuss your finances with us and we can answer any questions you may have. We’ll show you how they can help you to start over and to rebuild your credit score.

We offer solutions to student loans, credit cards debt, personal debts and where you have been sued. Debt relief is available by the office of the Superintendent of Bankruptcy of Canada.

Do I need an Insolvency Trustee?

Yes. Bankruptcies and consumer proposals are required by law to be administered through an insolvency trustee. The trustee is there to assist and give advice.

We assist individuals and businesses, including sole proprietorship’s, partnerships, and corporations, in restructuring their financial affairs. We provide the tools for:

  • a fresh start,
  • to take control of finances,
  • help you deal with credit in the future

Our trustees will explain the differences or alternatives for and which might be best for you.

We’ve helped thousands of people with insolvency. 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.  If you’re facing insolvency, contact us to consult with a licensed insolvency trustee, we can help stop phone calls, wage garnishments, and prevent collectors from harassing you.

Licensed insolvency trustees, we’re here to help

As your licensed insolvency trustee we 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 striving to improve your financial situation, and we are here to assist

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 can 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 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.

Call 905-721-7506