Why Should You Consider Consulting A Licensed Insolvency Trustee?
Licensed Insolvency trustees are the only professionals authorized to administer government-regulated insolvency proceedings that allow you to be discharged from your debt, such as consumer proposals and bankruptcy. For those individuals who are in significant financial difficulty, these options may be the best solution.
A LIT will deal directly with creditors on your behalf
Once a proposal or personal bankruptcy is filed, the LIT will deal directly with creditors on your behalf. In addition, unsecured creditors cannot continue or initiate any collection action or legal proceeding against you anymore.
A Licensed Insolvency Trustee is qualified
It is very important to ensure that you get financial advice and trustee services from a qualified professional. When you choose a Licensed Insolvency Trustee, you can be confident that you are dealing with someone who has demonstrated they have the knowledge, experience and skills to be granted a license from the Office of the Superintendent of Bankruptcy (OSB).
A Licensed Insolvency Trustee is federally regulated
LITs are subject to ongoing oversight by the OSB and must adhere to federal standards of practice, including the Code of Ethics for Trustees.
The LIT’s fee is federally regulated
The fees charged by an LIT for consumer insolvencies are regulated by the federal government. Typically, LITs do not charge for the first consultation.
Do I lose my car in a bankruptcy or proposal?
Bankruptcy and my future, how will it be affected?
How does bankruptcy affect my house?
What are the new bankruptcy surplus limits for 2016?
What is a Licensed Insolvency Trustee?
Financial Trustee offices in Oakville & Burlington, Ontario, Canada