Licensed Insolvency Trustees

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

Licensed Insolvency Trustees

Licensed Insolvency Trustees, are also known as a bankruptcy trustees. An insolvency trustee is a licensed professional in Canada who helps individuals and businesses experiencing financial difficulties, including insolvency.

Insolvency trustees are responsible for managing the financial affairs of insolvent parties and are regulated by the Office of the Superintendent of Bankruptcy, a federal government agency.

Simply put, insolvency trustees are appointed by the government to help people in debt by administering bankruptcies and consumer proposals.

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!

What does an Insolvency Trustee do?

The insolvency trustees job is to provide:

  • information about debt & insolvency
  • provide solutions and advice about insolvency solutions
  • deal with creditors, debt holders and the courts

The trustee listens to your concerns, provides information and advice about a consumer proposals or filing for bankruptcy.

Where you decide to proceed, the trustee takes care of the whole process for you.

Filing for Bankruptcy

Bankruptcy is a legal process for insolvency.  Bankruptcy allows individuals or businesses that are unable to pay debts, to get relief, clear all debts and start again.

Benefits of filing for bankruptcy can include:

  • Relief and a fresh financial start: Bankruptcy allows individuals or businesses to get relief and start fresh financially.
  • Temporary protection: It can provide temporary protection from creditor actions such as wage garnishments or legal proceedings.
  • Structured process: 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 to manage debts 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

Consumer proposals are a legal process that allows you to dramatically reduce the amount you owe (usually around 75 percent).

Many people consider a proposal to avoid the negative consequences of filing for bankruptcy.

When you choose a consumer proposal, you work with a licensed insolvency trustee, who assess your debts while preparing a proposal to your creditors.

The trustee’s consumer proposal outlines your financial situation, ability to pay debts, and the terms of a proposed repayment plan.

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 debts
  • stops wage garnishments and legal proceedings
  • provides a sense of relief and path to get out of debt

Most consumers proposals reduce unsecured debt by 70 percent or more, with a payment plan over 3 to 5 years.

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 bankruptcy, by speaking with an insolvency trustee.

  • Wage Garnishments

    Stopping wage garnishments can be done by: paying the debt, with a consumer proposal, or filing for bankruptcy Read More >>>

  • 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 >>>

Speak with an Insolvency Trustee Today

No Obligation Discussion of Your Finances

There is no fee to speak with a trustee.  Discuss your debts problems with us and we can answer any questions you may have.

We’ll show you how they can help you get out of debt, exemptions and to rebuild your credit score.

We offer debt 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 help individuals and businesses including 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,
  • 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 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 insolvency 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 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

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.