Introduction
Licensed Insolvency Trustees in Canada are federally regulated professionals, who can administer and advise you on your debt relief options. They have completed a recognized accounting designation and been through rigorous testing and training in consumer proposals, bankruptcy and other debt relief options. Licensed Insolvency Trustees are authorized by the federal government to accept legal assignments from individuals who can’t pay their debts. They are required to meet with you either face-to-face or virtually and complete an assessment of your situation before accepting an assignment. They must also provide you with a complete list of all fees payable.
Licensed Insolvency Trustees in Canada are federally regulated professionals, who can administer and advise you on your debt relief options.
These options include:
- A consumer proposal to pay back some or all of your debts through ant approved settlement plan with your creditors and includes personal protection orders that make it illegal for creditors to contact you;
- A consumer bankruptcy that may involve liquidating some of your assets in order to repay creditors and includes personal protection orders that make it illegal for creditors to contact you.
They have completed a recognized accounting designation and been through rigorous testing and training in consumer proposals, bankruptcy and other debt relief options.
This training includes ongoing professional education to keep their licencelicense current.
The Licensed Insolvency Trustee also has extensive knowledge of the insolvency system, including how bankruptcy works and what it means for your creditors, your property and your future.
They are authorized by the federal government to accept legal assignments from individuals who can’t pay their debts.
Licensed Insolvency Trustees are authorized by the federal government to accept legal assignments from individuals who can’t pay their debts.
If you have a lot of debt, but don’t want to declare bankruptcy, it’s better for you to approach an LIT directly instead of waiting for one to contact you.
They can represent you in discussions with your creditors – ensuring you receive fair treatment during insolvency proceedings.
Licensed Insolvency Trustees can represent you in discussions with your creditors – ensuring you receive fair treatment during insolvency proceedings. They can negotiate with creditors to reduce or eliminate debt, help you make a plan to pay off your debt, and file for bankruptcy or a consumer proposal. Licensed Insolvency Trustees are also there to help you understand your options so that ultimately the best option is chosen based on the individual needs of each client.
They can also advise on budgeting and money management, helping you avoid financial troubles in the future.
A Licensed Insolvency Trustee will provide insolvency counselling and can help you to understand your financial situation and develop a plan to deal with it. They can also advise on budgeting and money management, helping you avoid financial troubles in the future.
If you’re not sure if an LIT is right for you or need more information about licensing requirements, contact the Office of the Superintendent of Bankruptcy Canada (OSB).
If you are facing financial challenges, Licensed Insolvency Trustees can help!
Licensed Insolvency Trustees are a group of professionals who can help you plan for the future, get a fresh start, avoid more debt and protect your assets. They can help you avoid bankruptcy, make a consumer proposals or debt counselling too
Conclusion
The Licensed Insolvency Trustees of Canada are the best people to talk to if you’re having trouble paying your debts. They can advise you on the best course of action for debt relief and help you work through any issues that may arise. They are also available to answer any questions about your situation so don’t hesitate getting in touch today!