Licensed Insolvency Trustees
What is Filing for Bankruptcy?
Filing for bankruptcy is a process authorized by the Canadian government for individuals or businesses that have insolvency or indebtedness issues.
In a bankruptcy the debtor or business surrenders their assets (property they own) to a bankruptcy trustee and in exchange the debts are eliminated. There are exemptions to what property is surrendered.
Once the bankruptcy is filed all creditors are required by law to stop harassing or contacting you and must deal only with the bankruptcy trustee.
If bankruptcy is the option you choose, our bankruptcy trustees will listen to you, take your information and complete the forms to file for bankruptcy. The trustee will then file these documents with the Office of Superintendent of Bankruptcy and you will be formally declared bankrupt.
Once the application has been filed:
- any garnishments against your salary will stop
- you will stop making payments to your unsecured creditors
- any lawsuits against you by creditors will also be stopped
Surrendering many of your assets may be upsetting, but most personal items can be kept (e.g. personal clothing, tools, vehicles to a value, and other property) and bankrupts can buy property back from the trustee.
Read More about Filing for Bankruptcy >>
What is a Consumer Proposal?
A Consumer Proposal is a debt remedy that is an alternative to Bankruptcy. A proposal is a negotiated settlement of a person’s unsecured debt with no interest.
We’ll review your finances going over everything together including your monthly bills and debts. Many times our after discussing your unsecured debts clients are able to avoid filing for bankruptcy with a consumer proposal.
Consumer proposals are an offer to settle your debts and is made to unsecured creditors for things like credit cards, lines of credit, loans, and income tax debt.
The proposal will require that you repay a percentage of the dollar amount with reduced monthly payments over three (3) to five (5) years. When the credit proposal is presented to the creditors the trustee will review their response to the offer and if necessary, re-negotiate the proposal with them.
Once accepted a stay of proceedings is invoked where creditors are:
- unable to pursue legal action or attempt to enforce collection on the debt.
- must stop any attempts or calls for outstanding debts
- any wage garnishees are stopped
The stay of proceedings gives you breathing space to allow you to regain control and end the stress of debt collectors. Once a Consumer Proposal is filed all legal actions must stop including garnishments and creditors must deal with the Trustee not you.
In order to qualify for a Consumer Proposal, your debts cannot exceed $250,000.00 after any mortgages against your principal residence. A Licensed Insolvency Trustee must prepare and administer the proposal on your behalf.
The lending community and your credit rating recognizes the difference between a consumer proposal and a personal bankruptcy. In a proposal your credit rating is less affected.
How an Insolvency Trustee Can Help
Insolvency Trustee Kelly Dey explains how the staff at YanchDey and Associates reviews your financial obligations and debt issues. We can then provide you with options, solutions and advice on how to best deal with your indebtedness.
We have helped thousands of people and families over the years with honest and professional advice.
Give us a call today at 905‑721‑7506
Our Philosophy as Insolvency Trustees
Our firm of bankruptcy trustees cares about helping people with financial issues. Our objective is to provide impeccable service, to listen to your concerns and provide solutions. That’s one of main reasons why many of our clients refer us to their friends, and family members – when they need a trustee, they trust YanchDey.
No Obligation Discussion of Your Finances
If you’d like to discuss your finances first with an insolvency trustee you can call or visit us in person for no charge. You can discuss your case with us and we can answer any questions you may have. We can answer questions like – what’s best bankruptcy or consumer proposal, are there alternatives, and can I file a consumer proposal rather than filing for bankruptcy. When discussing your bills including loans, credit cards and personal debts we can advise you of the financial protection offered under Canadian law regulated by the office of the Superintendent of Bankruptcy of Canada.
We believe that once you discuss your rights with us, you will see how YanchDey are the bankruptcy trustees to help you.
Do I need a bankruptcy trustee?
Bankruptcies and consumer proposals are required by law to be administrated through an insolvency trustee. The trustee is not only required by law, but is there to assist and provide advice. The trustee will explain your options and file the paperwork for you or assist in liquidating a business.
We help people, sole proprietorship’s, partnerships, and corporations in restructuring their debts and financial affairs. We’ll give you the tools for a fresh start, to control your finances, your budget, and give you some pointers for dealing with credit in the future. At YanchDey we will get you back in control of your financial life.
Bankruptcy or Consumer Proposals
We will explain the differences or alternatives and give you our opinion as to what’s best for you. Many people who come in considering bankruptcy are relieved to learn that a consumer proposal is a better financial fit with less repercussions. We’ve helped thousands of people and have the experience to deal with the stress and concerns you have. We will point you in the right direction and you won’t be alone through this process.
Our trustees work with you over the term of the bankruptcy or proposal giving you guidance and support and to answer any questions along the way.
Experienced and Committed
Our bankruptcy trustees have years of experience helping debtors with insolvency and indebtedness, we are committed to helping you to become debt free.
Local Neighbourhood Offices
With six (6) offices we have been helping Durham Region and the Toronto GTA consumers for over thirty-five (35) years. We know how to stop phone calls, wage garnishment, and debt collectors from contacting you.
We’re committed to you
We’ll give you good honest advice, guidance and financial tools to be debt free, we’ve helped others and we can help you, call us today!
As insolvency trustees, we’re here to help
You can trust our trustees to 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.
Don’t settle for a consumer groups
Don’t settle for anything but a licensed insolvency trustee. We are licensed by the federal government. Although you may see “come-ons” and agencies offering quick and easy, hard to believe solutions, buyer beware! Only deal with a trustee you know and trust. Read our reviews and case results and see how we have helped others financial stability for today and the future to come.
What happens after a bankruptcy or a proposal?
Together we will go through either filing for bankruptcy or administrating a consumer proposal. We will complete any paperwork, appear in court and deal with your creditors. Once the process is filed our bankruptcy trustee will continue to work with you providing continuing support and feedback to make sure you stay on track and understand your obligations. We will dramatically reduce the stress you’ve incurred dealing with creditors, loans and debts.
Where wages have been garnisheed we will file the necessary applications to stop your paycheque from being taken from you.
Speak with an insolvency trustee today.
Send Us an Email
If you feel more comfortable sending us an email to discuss your issues, we understand that you’re looking for a reply asap.
We endeavour to respond to emails as soon as we receive them, and will do everything to help right away.
Where your concern is of an urgent need, call us at 905-721-7506.