Getting Debt Advice - Bankruptcy Canada
Dealing with debts can be an overwhelming situation.
It can be challenging for many debtors to make sense of the different options available without professional knowledge.
Additionally, the stress of facing creditors’ actions can force you to make a decision that would put your assets and financial future at risk.
But getting impartial debt advice in Canada has never been easier.
A Licensed Insolvency Trustee is an officially recognized finance professional who is endorsed by the Canadian government to provide the necessary debt relief and debt management advice.
Need Help Reviewing Your Financial Situation?
Contact a Licensed Trustee for a Free Debt Relief Evaluation
Who to trust with debt advice
A trustee is the best person to provide assistance and support to people dealing with debts in Canada.
With over 430 Licensed Insolvency Trustee (LIT) offices in the country, we, at Bankruptcy Canada, have been providing bankruptcy and other debt relief advice for over 20 years.
We have helped over 200,000 people with debt advice to get a fresh financial start.
As such, our team is among the most experienced and knowledgeable debt management and relief experts in the country.
How to get debt advice from our LITs
Debtors can get in touch with our LITs to set up a free consultation.
With trustee offices throughout the country, we recommend finding the nearest LIT office to your home.
Our local LIT list can help debtors identify the most convenient office location, based on your preferences.
Alternatively, you can also reach Bankruptcy Canada through the company phone number, (877) 879-4770 24/7 to discuss your needs and book a consultation.
Finally, debtors can also fill up the online contact form to request a call from a trustee.
With no need for referral, debtors can easily set up to arrange for a free consultation when and where they need it.
Consultations can be scheduled as a face-to-face meeting, but also phone call or video chat, depending on your preference and situation.
How to prepare for a free debt advice consultation
The purpose of the consultation with a LIT is to provide impartial and reliable debt advice suited to a debtor’s situation.
Therefore, it is in the debtor’s best interest to share their financial situation with the trustee as openly as possible.
We understand that for debtors, discussing money problems and past financial decisions can be embarrassing.
However, a LIT’s sole concern is to help you get out of debt.
The trustee is likely to ask questions about your current debts, income situation, and assets.
These questions are not designed to judge you, but they provide valuable information.
Ahead of the consultation, it is helpful to gather all the documents and/or information related to your:
- Debts: unpaid bills, credit card debts, payday loans, etc.
- Income: job security, payslip, irregular income, household income, etc.
- Assets: car, property, etc.
How does a LIT work?
The trustee’s role is to understand your unique situation and find the most useful debt advice.
Consequently, it is in the debtor’s best interest to share the purpose of the consultation.
Indeed, you might need a debt relief solution to tackle your problems.
Alternatively, you may have a financial goal in mind.
Debt advice will differ depending on your objectives.
Then, the LIT will also need to assess your financial situation.
That’s why you need to research the information ahead of the consultation to make sure you can present your situation as truthfully and clearly as possible.
If the trustee feels they need to know more, they will ask your questions:
- The value of your assets
- Your creditors, how much you owe them, and if they’ve taken any actions
- The household budget, both in terms of income and expenses
- How much income you have
It is a confidential conversation.
The LIT respects the privacy of their clients, which means that the information you share is only used to provide you with debt advice and debt relief plans.
You can also use the consultation to clarify issues regarding the legal process of debt relief, or anything you don’t understand.
What debt advice can a trustee give?
The type of advice a debtor receives will depend on their situation.
The LIT is, by law, the only person who can help you file personal bankruptcy and administer a Consumer Proposal for debt relief.
However, depending on your needs, the LIT can also help a debtor understand other debt relief solutions by weighing out the pros and cons of generic and specific debt relief plans, such as a bank consolidation loan, debt settlement program, or a credit counselling company.
At the end of the consultation, the debtor will receive not only dedicated debt advice but also guidance about their debt solution, its schedule and requirements.
Get back control of your financial health and book your free debt advice consultation now.
Information on Consumer Proposals
Consumer Proposals in Canada – An Alternative to Bankruptcy
What is a Consumer Proposal?
How to Amend a Consumer Proposal
What are the Benefits of a Consumer Proposal?
What are the Steps in a Proposal?
Consumer Proposal Eligibility
What Debts Are Erased in a Consumer Proposal?
Is There Life After a Proposal?
How to File for Bankruptcy
What is Bankruptcy?
How Does Bankruptcy Work?
What is the Cost of Bankruptcy in Canada?
How to Rebuild Credit Following Bankruptcy
Personal Bankruptcy in Canada
What Debts are Erased in Bankruptcy?