As Licensed Insolvency Trustees, (formerly bankruptcy trustees) we help people with financial issues including filing for bankruptcy. We can explain to you about declaring bankruptcy, including the benefits, disadvantages and costs involved. We can tell you;
For all your financial issues, including bankruptcy, consumer proposals, or counselling, Kelly Dey is a Licensed Insolvency Trustee and has been practicing In the Toronto, Oshawa and Durham Region as a bankruptcy trustee for over 25 years.
Kelly began working in insolvency in 1987 for Irving A. Burton Limited and quickly worked her way up in the company.
In 1992 she received her bankruptcy trustees license, becoming the youngest person to obtain a bankruptcy trustee license at that time.
Upon Mr. Burton’s retirement Kelly started her own practice, Burton, Dey & Associates Bankruptcy Trustees in 2014, and merged with Jim Yanch in 2017 to form Yanch Dey & Associates Bankruptcy Trustees.
During her many years in insolvency and as a Bankruptcy Trustee Kelly has been acknowledged for her dedication and commitment to members of Employee and Family Assistance Programs including the Toronto Police Association (EFAP). She is a member of the Canadian Association of Insolvency and Restructuring Professionals and is currently sponsoring and mentoring individuals studying to obtain a Trustee license.
She has also been acknowledged for her dedication to the community outside of the insolvency industry, including the Whitby Girls Hockey Association.
James Yanch
Licensed Insolvency Trustee – CIRP
James Yanch (Jim) started working in the insolvency department at BDO Dunwoody (formerly Dunwoody Limited) in 1978 as a bankruptcy trustee.
Jim received his Bachelor of Science degree from Trent University in 1972. Jim then completed post graduate studies at York University from 1973 to 1975.
Jim received his accounting degree (C.G.A.) in 1981 and his Insolvency Trustee Licence in 1983.
In 1992, Jim began his own business under the name James R. Yanch, Trustee in Bankruptcy helping people with bankruptcy and insolvency issues in Oshawa.
Jim has been actively involved in many organizations over the years including: Director and Secretary of Ontario Association of Insolvency and Restructuring Professionals, member and past president of Durham A.M. Kiwanis, Director and past president of Credit Counselling Services of Durham, Director of the Kiwanis Music Festival of Durham and Instructor for the Christopher Leadership Course
In October of 1993, Brenda accepted a position with James R. Yanch. Brenda received her Insolvency Trustee License in 2007 and started working as a bankruptcy trustee.
Over the years, Brenda’s ability to listen and thoroughly explain the insolvency and bankruptcy process or Consumer Proposals has helped hundreds of families regain financial control in Oshawa and Durham Region.
Lorraine Smith
Estate Administrator – Insolvency Counsellor
Lorraine Smith has been a Licensed Insolvency Trustee Administrator and Certified Insolvency Counsellor for 17 years.
Prior to working with Yanch, Dey & Associates Ltd., Lorraine spent 10 years working in the financial industry. Today, she works with bankruptcy and financial issues. Our clients describe Lorraine’s knowledge, experience, and understanding as being comforting during stressful times.
Our Support Staff for Yanch Dey and Associates
Our staff of Licensed Insolvency Trustees and bankruptcy experts is supported by our administrative team of Madeline, Bonnie, and Bev. They are able to provide you with any support you might need. Whether it be making appointments or assisting you during proceedings with our office, you will find that their friendly and professional manner will be a helpful aid during this time.
At Yanch Dey & Associates Ltd. we have helped thousands of individuals put their finances back in order.
★★★★★ Kelly and her staff made the bankruptcy process very easy. It was a relief to my wife and I to have professionals such as these, very supportive. Thanks again
D. Ganguli
2 weeks ago
★★★★★ Some bad financial decisions including being laid off resulted in huge credit cards bills that we were never going to be able to pay off. When we finally got fed up with the collection calls, my husband and I decided to get some help. We decided on bankruptcy giving up many things we didn’t really need, and the counseling was great for us at our age. It wasn’t easy, but we are much happier and debt free. Thanks Again, would recommend.
Jo-anne Lee
1 month ago
★★★★★ I had a student loans of $14,000, and a balance on my credit card, then I received a letter of garnishment. A credit counselor recommended I look into filing for bankruptcy. The bankruptcy trustee was easy to speak with and listened to me. Together we discussed the pros and cons and options available. The bankruptcy will pass, but I’m much happier without the burden of debt in my life. I should have gotten the financial counseling years ago.
Christia McIntyre
4 weeks ago
★★★★★ Professional and friendly, on their advice I did a consumer proposal vs bankruptcy and will be completely out of debt in 2.5 years!! Many thanks
S. Lee
1 month ago
★★★★★ They were completely upfront about what my options were, and gave me a clear cut plan about how I could stop the calls, bill collectors and bills that just kept getting bigger and bigger. Filing for bankruptcy was not an easy decision but the trustee was there for me all the way. Thanks Again!
Canadian Association of Insolvency and Restructuring Professionals
What happens when you declare bankruptcy in Ontario?
A: When you declare bankruptcy in Ontario, you will be required to surrender any non-exempt assets to a Licensed Insolvency Trustee (LIT) who will sell them to pay off your debts.
Your creditors will be notified and instructed to stop all collection actions against you. You will also be required to attend credit counselling sessions and make regular payments to the LIT.
Once the bankruptcy process is complete, you will be eligible for a discharge from your debts, which means you will no longer be responsible for paying them off.
Who qualifies for bankruptcy in Ontario?
A: To qualify for bankruptcy in Ontario, you must owe at least $1,000 in unsecured debts and be unable to pay them back.
You must reside in Canada or the majority of your assets are held in Canada. Additionally, you cannot have filed for bankruptcy within the past seven years.
How long is bankruptcy process in Ontario?
A: The length of a first-time bankruptcy in Ontario is typically nine months. However, if your income is above a certain threshold, you may be required to make additional payments for a longer period of time.
It is important to note that bankruptcy should be considered as a last resort option. There are alternative debt relief options available, such as consumer proposals, debt consolidation, and credit counselling. It is recommended to seek the advice of a Licensed Insolvency Trustee to determine the best option for your individual financial situation.
How much does it cost to go bankrupt in Ontario?
A: The cost of filing for bankruptcy in Ontario can vary depending on your individual circumstances. However, the fee for filing bankruptcy is typically $1,800.
What do you lose if you declare bankruptcy in Canada?
A: When you declare bankruptcy in Canada, you may be required to surrender any non-exempt assets to a Licensed Insolvency Trustee (LIT), who will sell them to pay off your debts.
This may include your home, car, and other valuable assets. You may also lose your credit cards and be unable to obtain credit for several years. Most personal items you keep, cars under 10,000 dollars, tools of the trade. Give us a call and we can tell you in more detail.
What debts survive bankruptcy?
A: Some debts are not discharged by bankruptcy, including student loans that are less than seven years old, fines, court-ordered restitution, and child support payments.
Can I keep my car if I declare bankruptcy?
A: Whether or not you can keep your car when you declare bankruptcy depends on the value of the car and the amount of equity you have in it.
If the equity in your car is less than the exemption limit, you may be able to keep it.
How much do you pay monthly for bankruptcies?
A: The amount you pay monthly for bankruptcy depends on your income and expenses.
You will be required to make regular payments to a Licensed Insolvency Trustee (LIT) during the bankruptcy process, which will be used to pay your creditors.
Can you buy a house after bankruptcy Ontario?
A: Yes, it is possible to buy a house after bankruptcy in Ontario.
However, it may be more difficult to obtain a mortgage and you may be required to pay a higher interest rate. Many people work on rebuilding their assets and credit rating for a while before considering a home purchase.
What happens 12 months after bankruptcy?
A: After 12 months, you may be eligible for a discharge from your debts, which means you will no longer be responsible for paying them off. You’ll be able to start fresh to rebuild your credit and financial health.
However, certain debts may survive bankruptcy, such as fines or debts resulting from fraud.
What happens 5 years after bankruptcy?
A: After five years, your bankruptcy will be removed from your credit report and you may be eligible for better credit options.
However, bankruptcy can remain on your record for up to seven years, which may affect your ability to obtain credit or employment.
Speak to a trustee about your debts.
We provide government licensed trustees to help you with your personal finances.