Do I Need a Lawyer or Attorney to File Bankruptcy?

Who Do I Need To See About Going Bankrupt?

As we delve into the topic, we’ll dissect the ins and outs of filing for personal bankruptcy or a consumer proposal in Canada, focusing on who you really need on your side during this process.

Introduction

If you’re grappling with the question, “Do I need a Lawyer or Attorney to File Bankruptcy?” you are not alone. Many Canadians find themselves in financial strife and contemplating whether they should file for personal bankruptcy or a consumer proposal. But the big question is, do you need a lawyer or an attorney to guide you through this process? Let’s find out.

The Role of Lawyers and Attorneys

While attorneys and lawyers can provide valuable legal advice about your financial predicament, their professional purview does not extend to actually helping you file for personal bankruptcy or a consumer proposal. They can offer counsel, but the filing process is beyond their legal jurisdiction.

The Real Heroes – Licensed Insolvency Trustees

The true heroes in the process of filing personal bankruptcy or a consumer proposal in Canada are the Licensed Insolvency Trustees (LITs). They are regulated by a federal government department known as the Office of the Superintendent of Bankruptcy (OSB). The OSB is responsible for licensing and regulating these professionals who play a critical role in the personal bankruptcy and consumer proposal process. So, to answer the burning question, “Do I need a Lawyer or Attorney to File Bankruptcy?” – No, you don’t. What you need is a LIT.

Understanding Licensed Insolvency Trustees

A LIT is a professional regulated by the Federal Government to administer personal bankruptcy and consumer proposal filings. These professionals go through a comprehensive multi-year educational and experience program before getting a license to practice. Most LITs are also members of the Canadian Association of Insolvency and Restructuring Professionals, abiding by the highest ethical standards and codes of conduct.

The Role of a Licensed Insolvency Trustee

A LIT will treat you with dignity, evaluate your situation, and explain how personal bankruptcy or a consumer proposal would work for you. They allow you to make an informed decision and choose the solution that best suits your circumstances. They can also help determine if a bankruptcy or consumer proposal is worth it for your situation.

Choosing Bankruptcy Canada

One such Licensed Insolvency Trustee is Bankruptcy Canada. We are experienced, hands-on insolvency practitioners who understand the personal impacts of significant financial stress. The benefits of choosing Bankruptcy Canada include:

 

  • Avoiding an assembly-line process.
  • Receiving prompt responses and resolution of issues from a supportive and experienced team.
  • Having your debt solution options reviewed, including filing a consumer proposal or personal bankruptcy.
  • Getting help to overcome overwhelming debt and start afresh financially.

 

How Bankruptcy Canada Works

Once you file a consumer proposal or personal bankruptcy with Bankruptcy Canada, we deal directly with your creditors on your behalf. Your unsecured creditors are required to stop contacting you or continuing legal proceedings against you.

Free Consultations

Bankruptcy Canada offers free consultations to review your financial situation and discuss practical debt resolution options. You can discuss your situation over the phone, a video chat, or in-person in various locations in cities across Canada.

Conclusion

So, the answer to the question, “Do I need a Lawyer or Attorney to File Bankruptcy?” is a resounding no. Instead, what you need is a Licensed Insolvency Trustee, a professional who understands the intricacies of personal bankruptcy and consumer proposals and can guide you through the process effectively.

Find Your Personal Debt Relief Solution

Licensed Insolvency Trustees are here to help. Get a free assessment of your options.

Discuss options to get out of debt with a trained & licensed debt relief professional.