Licensed trustees at our MNP bankruptcy firm in Dauphin recommend bankruptcy only after they have all exhausted all debt-relief options for your current debt situation.
If you are unable to make your monthly bill payments and have defaulted on several debt payments, then you are in a severe debt situation.
In addition, if legal actions such as wage garnishment and legal proceedings have been initiated against you by your creditors, then bankruptcy could put an end to the situation and help you start your life afresh.
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The role of a Licensed Insolvency Trustee (LIT) is crucial in turning around your debt situation for the good.
Things you Need to Know about LITs in Dauphin, MAN
A LIT is a professional with license from OSB (Government of Canada’s bankruptcy wing) to impart financial advice, and implement solutions such as bankruptcy and consumer proposals in accordance with Canada’s Bankruptcy and Insolvency Act;
As LITs are licensed by the OSB, you can take comfort in the fact that they have the essential skills and experience (otherwise they would not receive a license) to get you out of your debt situation;
A LIT is different from a credit counseling agency and debt settlement company. The latter can offer financial advice and solutions for debt settlement, but they cannot implement a bankruptcy or consumer proposal process;
A LIT is the only professional in Canada with the authority to administer bankruptcy and consumer proposals;
A LIT, in the event of a bankruptcy, guides you through the whole process, and handles all the paperwork for you. The LIT serves as a mediator between your creditors and you, sells your assets and sets up a trustee for distribution of sale money to creditors, and ensures that every step is in accordance with law;
LITs are regulated by the government. They are liable to maintain ethical standards set by the government. In case of an error in bankruptcy filing or their adherence to ethical standards of practice, they can lose their license;
As LITs are regulated by the government, they cost much less than credit counselors and debt relief companies;
An initial consultation with a LIT is always free.
LITS of MNP Dauphin, MB
MNP bankruptcy firm in Dauphin is a firm of licensed trustees.
LITs at our MNP Dauphin bankruptcy firm can help you with practical debt management counsel, consumer proposals and informal negotiations with creditors, and debt settlement.
Once a bankruptcy process is underway, our trustees will ensure that harassing phone calls from your creditors, collections such as salary garnishments, and all legal actions against you, are stopped.
Consult with one of our LITs today for free if you planning to file for a bankruptcy.
Dauphin MB R7N 2V5