Licensed Bankruptcy Professional in Ontario

Ontario Licensed Bankruptcy Professionals : Your Partner in Financial Recovery

When you’re grappling with overwhelming debt, it’s easy to feel like you’re navigating through a stormy sea without a compass. During such times, a Licensed Bankruptcy Professional in Ontario can serve as your lighthouse, guiding you towards safe shores.

Who is a Licensed Bankruptcy Professional?

A Licensed Bankruptcy Professional, better known as a Licensed Insolvency Trustee (LIT), is a financial expert licensed by the federal government to administer bankruptcies. They provide financial counseling and are uniquely qualified to guide you through the complexities of bankruptcy.

 

Remember: A LIT is the only professional authorized to administer bankruptcies in Canada.

 

What makes a LIT Unique?

The unique aspect of LITs lies in their comprehensive understanding of personal finance, debt management, and debt solutions. They possess extensive experience in dealing with a myriad of debt issues, ensuring they are well-equipped to handle any financial situation.

Moreover, they are required to participate in continuous training, keeping them abreast with current legislation and court precedence in the debt field.

Note: Since LITs are regulated by the government, their fees are also regulated, protecting you from being charged exorbitantly.

How can a Licensed Bankruptcy Professional in Ontario help you?

Answering Your Queries

Your LIT will be your go-to resource for any queries related to bankruptcy. They can help you understand the bankruptcy process and its impact on your credit and assets.

Discussing Alternatives

Although LITs are licensed to file bankruptcies, they are duty-bound to inform you of all potential alternatives. They will evaluate your financial situation and help you choose the best option- it could be credit counseling or a consumer proposal instead of bankruptcy.

Providing Protection from Creditors

A LIT can offer protection from your creditors, which is a significant relief during your financial recovery.

Duties of a LIT

Your LIT will shoulder numerous responsibilities during your bankruptcy process:

Initial Assessment

They will provide an initial assessment of your situation and explain the various options for solving your financial problems.

Filing Bankruptcy Papers

Your LIT will file the bankruptcy papers with the federal government on your behalf, officially kickstarting the process.

Notifying Creditors

Your LIT will inform your creditors about your bankruptcy, and handle all correspondences and claims from them.

Financial Counselling

As part of their duties, your LIT will provide two mandatory financial counseling sessions to help you develop good money management skills.

Reviewing Assets

Your LIT will review your assets to determine if they are exempt from seizure in the bankruptcy.

Liquidating Assets

Any non-exempt assets will be liquidated by your LIT, with the funds being used to repay creditors.

Filing Your Tax Return

Your LIT will file your tax return for the year of bankruptcy, dividing it into a pre-bankruptcy return and a post-bankruptcy return.

Distributing Funds

At the end of the bankruptcy, any money from payments you have made or assets that were liquidated will be distributed to creditors by your LIT.

Finding a Licensed Bankruptcy Professional in Ontario

You can find a Licensed Insolvency Trustee in various cities across Ontario.

Conclusion

Remember, your Licensed Bankruptcy Professional in Ontario is there to help you navigate the challenging waters of bankruptcy and to guide you towards a brighter financial future.

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.