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The 3 Best Licensed Insolvency Trustees in Vaughan [2024]

Financial strain in Vaughan? We’ve identified the top 3 Licensed Insolvency Trustees in the area, each known for their comprehensive expertise and empathetic approach to debt recovery.

Seeking further financial services in the Greater Toronto Area (GTA)? Check out:

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Recover your financial footing. Reach out to one of the top Licensed Insolvency Trustees in Vaughan today!

1) Hoyes, Michalos & Associates

Hoyes, Michalos & Associates is one of the top-trusted Licensed Insolvency Trustees in Vaughan, possessing a wealth of experience in managing different scales and types of debts. Working with compassion and professionalism, their team ensures customized and effective solutions for every client.

Business Information:

7895 Jane Street, Suite 212, Vaughan, ON L4K 4E6

Customer Review:
“I found myself at a point in life when everything was going wrong. Union went on strike, father past away, weather kept me from working almost weekly for months. Hoyes michalos help me find a way to get myself back on track! They were understanding and made a very difficult decision as easy as I could hope for! I would recommend them to anyone!”

2) Ira Smith Trustee & Receiver

Ira Smith Trustee & Receiver brings a personalized approach to every case. They excel in addressing complex financial situations, which, coupled with their excellent industry knowledge, position them as one of the leading trustees in Vaughan.

Business Information:

3300 Highway 7 Suite 704, Vaughan, ON L4K 4M3  

Customer Review:
“Ira is very kind and helpful. He gave me some good advice and was quick to respond. I found Ira by doing a search google search for a bankruptcy topic I was interested in. The blog on his website is loaded with tons of useful info. Thanks for your help, Ira.”

3) BDO Debt Solutions

As a key player in the field, BDO Debt Solutions is renowned for its integrated and strategic approach to debt management. The Vaughan BDO team takes pride in delivering maximized results while ensuring their clients understand every step of the process.

Business Information:

3901 Highway 7 West Suite 400, Vaughan, ON L4L 8L5

Customer Review:
“They allowed me the opportunity to restart financially and have scheduled me courses to improve myself in that aspect moving forward.”
FAQs About Licensed Insolvency Trustees
If you’re a creditor, recovering money in an insolvency situation will involve lodging a proof of debt with the appointed trustee. Once the trustee sells the debtor’s assets, the funds will be distributed among the creditors. Please note that it’s not always possible to recover the full amount owed, as it depends on the debtor’s assets and the number of creditors involved.
The monthly cost of a bankruptcy can vary greatly depending upon individual circumstances such as income, family size, and whether it’s a first or subsequent bankruptcy. In Canada, there are federal guidelines that help determine how much a bankrupt is required to pay each month. If your situation is complex, it may be worth speaking to a Licensed Insolvency Trustee for more specific advice.
To become a Licensed Insolvency Trustee in Canada, you must complete a rigorous training and certification process overseen by the Office of the Superintendent of Bankruptcy Canada (OSB). This involves passing a series of exams, completing a period of practical work experience, and then passing a final oral board exam conducted by the OSB.
A Licensed Insolvency Trustee (LIT) is a professional who is licensed by the Superintendent of Bankruptcy to administer insolvency proceedings, such as bankruptcies and consumer proposals. They work with both individual and commercial clients, offering advice and solutions for debt relief. LITs are the only professionals in Canada who can administer federally regulated insolvency proceedings.
Final Thoughts

When it comes to assisting clients navigate through challenging financial times, these three Licensed Insolvency Trustees stand out with their wealth of experience, comprehensive services, and dedicated customer care.