Avoiding Bankruptcy in Ontario

Avoiding Bankruptcy

Discover proven ways to avoid bankruptcy in Ontario, from consumer proposals to personalized debt relief strategies.

5 Steps to Avoiding Bankruptcy in Ontario

Avoiding bankruptcy starts with a plan—and the right plan can help you take control before it’s too late. If your debt is overwhelming, don’t wait for things to get worse. These five practical steps can help you avoid bankruptcy and move toward real financial relief:

Create a realistic debt plan – Start by listing your debts, income, and expenses. Know where your money is going and what needs to change.
Sell what you don’t need – Extra vehicles, unused electronics, or other assets can provide quick cash to reduce your debt load.
Cut costs and reduce overhead – Look for monthly expenses you can eliminate or reduce, such as subscriptions, takeout, or unused memberships.
Find ways to increase your income – Even a part-time job or freelance work can help ease the pressure and give you breathing room.
Get professional help – A licensed insolvency trustee can explain all your options, including ways to avoid bankruptcy like consumer proposals.

Avoiding bankruptcy isn’t easy—but with the right support and strategy, it’s absolutely possible. If you’re ready to take the next step, call us today at 905-721-7506 for a free, confidential consultation. Let’s talk about your debt and how we can help you move forward.

Avoiding Bankruptcy – Prioritizing Your Home and Family Comes First

When people reach out to us for help, they often share feelings of shame or frustration because they’re doing everything they can to avoid bankruptcy—cutting back on essentials or going without so they can make the minimum payments on their credit cards.

But here’s what we always remind them: you and your family come first.

Avoiding bankruptcy starts with protecting your basic needs. That means:

Paying for groceries before creditors
Keeping a roof over your head before worrying about interest charges
Caring for your health and well-being without guilt

If you’re sacrificing too much to keep up with unmanageable debt, it’s time to rethink your priorities. Don’t let shame keep you trapped—avoiding bankruptcy doesn’t mean suffering in silence. It means making smart choices, getting the right support, and taking care of what matters most.

★★★★★ My friend told me about YanchDey and that I could just call and speak to them. After telling them my situation, they said I could avoid bankruptcy with a consumer proposal. I saved about 20k on my debts, reduced the payments, and will be free and clear in 3 years. Great Service, Highly recommend, Jack Davie Oshawa.

Avoiding Bankruptcy – Sell it!

If you’re not using it, or you can live without it, sell it.

Books, furniture, tools, toys sell everything that you don’t need or use. It maybe hard, but so is bankruptcy, take the cash and put it towards the bills.

Even selling small items can start to add up, if there is money owing on the item, take the cash, pay the debt if you can.

Many people use buy and sell sites like Kijiji to sell without fees and can even make money.

Avoiding Bankruptcy – Cutting Costs

When people are focused on avoiding bankruptcy, one of the first things they do is try to reduce spending. Many believe that by cutting out all the extras—like cable, phone upgrades, dining out, or even a daily coffee—they can stay afloat. And in many cases, those changes do make a difference.

This process often reveals the real distinction between wants and needs. Living lean can help you stretch your budget further, especially when every dollar counts. But if you’ve already trimmed the fat and you’re still falling behind, it may be time to take the next step.

Avoiding bankruptcy isn’t just about cutting costs—it’s about getting help when you need it. Call us today for a confidential, judgment-free conversation about your options and how we can help you get back on track.

Avoiding Bankruptcy – How Increasing Your Income Can Help

One of the most effective strategies for avoiding bankruptcy is finding ways to increase your income. If you’re physically able, even a modest boost in earnings can make a real difference in staying ahead of your debts.

This could mean:

Taking on a second job or part-time work
Starting a small side hustle from home
Selling handmade items, offering services, or using a skill you already have

The key is to make sure the extra income goes directly toward your financial obligations—like catching up on bills or reducing high-interest debt. Many people have successfully avoided bankruptcy by using this method to regain control and build momentum.

If increasing your income isn’t enough, we’re here to help. Let’s talk about your options before things get worse. Call us today for a free, no-pressure consultation.

I got into financial issues using credit, after my wages were garnisheed a friend told my about YanchDey. They were honest and together we decided bankruptcy was the option for me. The bankruptcy has been discharged, and I am rebuilding my credit. Thanks Again! J.Kerr Toronto.

Avoiding Bankruptcy – Why Getting Help Makes All the Difference

If you’re struggling with debt, it’s easy to feel alone—but you’re not. Many people across Ontario are facing the same challenges, and avoiding bankruptcy often starts with simply asking for help.

The Government of Canada understands how serious debt problems can be. That’s why they license insolvency trustees—like myself and the team at Yanch Dey & Associates—to provide honest, professional support to individuals who need guidance.

There’s no cost to speak with us, and no obligation—just straightforward advice from experts who care. Whether you’re exploring a consumer proposal or simply want to understand your options, we’re here for you.

Don’t wait until things get worse. Call us today for a confidential consultation. Sometimes, taking that first step is all it takes to start turning things around.

Alternatives to Bankruptcy

How to avoid bankruptcy? There are alternatives that can help you to avoid bankruptcy, helping you get out of debt and offer liability solutions like:

Consumer Proposals
Debt Consolidation
Debt Counseling

Many times there are no costs to you, and collection calls and garnishees will be stopped. Whether a consumer proposal, counselling or debt consolidation, we can explain what the best options are to avoid filing for bankruptcy.

Call us today at 905‑721‑7506

Speak to an Insolvency Trustee today!

Bankruptcy Trustee Kelly Dey — Kelly Dey Insolvency Trustee

Have questions about bankruptcy or insolvency? I’m Kelly Dey, a licensed insolvency trustee, and I invite you to call our office to speak with me or one of our trusted team members. Whether you’re dealing with overwhelming debt or just want to understand your options, we’re here to help.

We offer free, confidential consultations by phone or in person at one of our convenient Ontario office locations. There’s no cost, no pressure, and no obligation—just expert advice to help you move forward.

📞 Call us today at 905-721-7506 to speak directly with an insolvency trustee and get the answers you need.