Looking For A Bankruptcy Trustee In Calgary? Talk To A Licensed Insolvency Trustee!
If you’re looking for debt assistance in Calgary, your first instinct might be to seek out the help of a bankruptcy trustee.
But, after a quick search, you’ll likely find that bankruptcy trustees are now referred to as Licensed Insolvency Trustees.
The good news?
Their role is just the same.
In fact, the name change makes even more sense considering everything a Licensed Insolvency Trustee can do for you in Calgary.
With that in mind, let’s talk about what a Licensed Insolvency Trustee (LIT) is, what they can do for you, and how you can depend on them for debt assistance.
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Why the Name Change?
A Licensed Insolvency Trustee is a professional that is regulated by the government of Canada.
They can help with everything from debt consolidation to consumer proposals, and so many things in between.
So, why the official name change from bankruptcy trustee?
For starters, making the switch to Licensed Insolvency Trustee gives people a better idea of what these professionals can actually do.
Using the term ‘bankruptcy trustee’ sounds limited, and many people believed that the only thing a trustee could help with was bankruptcy.
In reality, they can do so much more when it comes to helping you with your debt.
To get rid of any confusion and to alleviate misunderstandings, the Canadian Association of Insolvency and Restructuring Professionals (CAIRP) lobbied the government to change the title of bankruptcy trustees.
Now, the title seems to be a better fit for everything a LIT can do.
In fact, bankruptcy is often a final option for Licensed Insolvency Trustees.
Before they go that route with your debt, they will help you to go through other possible options, including consumer proposals and consolidation.
Catering to Consumer Proposals
If you’re not sure what a consumer proposal is or how it might be a better option thank bankruptcy, then it’s crucial to talk to a LIT as soon as possible.
A consumer proposal allows you to pay off your debts for a lesser amount than what you actually owe.
Unlike filing for bankruptcy, your assets won’t be affected.
Consumer proposals are, essentially, legal agreements with your creditors to pay a certain amount of money each month until your debt is paid off.
It is a legally binding process that must be administered by a LIT.
Consumer proposals allow you to pay up to 70% less than what you actually owe, without having to worry about interest rates.
But, there is no “cookie-cutter” option for consumer proposals.
They are based on your budget and how much you can afford to pay each month.
You’ll agree upon a rate with your creditors, and have up to five years to pay off your debts using the plan you’ve put in place with your LIT.
If you’re in debt and you’ve been considering filing for bankruptcy, talk to a Licensed Insolvency Professional about a consumer proposal, instead.
Throughout the process, a LIT can also help you to learn the skills of money management, budgeting, and how to stay out of debt in the future.
What Are the Credentials for a Licensed Insolvency Trustee?
Because the duties required of a LIT are not only important but sometimes difficult, it takes a lot of work to actually become one.
That can provide those with financial issues with some comfort.
Licensed trustees should be just that – someone licensed by the government, and someone you can trust.
Not only do LITs typically have a university degree, but most have a background in accounting.
Their training includes:
- A three-year law course;
- Numerous exams;
- An investigation by the RCMP.
LITs have to go through a series of both oral and written exam, and if you think it’s easy to get through all of that, think again!
Of those who go to school to become a LIT, only about 50% pass.
Even then, ongoing education is necessary in order to keep their expertise high.
Laws, rules, facts, and figures seem to change all the time, so it’s crucial for a LIT to stay on top of those changes and provide accurate and secure information.
Becoming a Licensed Insolvency Trustee is about more than a degree.
It truly takes a certain kind of individual to be a good fit for the job.
Because of that, Superintendent of Bankruptcy has to ensure that every candidate has certain characteristics, including:
- A strong character;
- Upstanding reputation;
- No insolvencies;
- Has gone through a complete RCMP investigation;
- Has completed all of the training and testing required to be a LIT.
By the time a LIT candidate goes through the training and checks to start their career, they are qualified as an expert in everything from bankruptcy to debt consolidation, as well as consumer proposals.
How Can a Licensed Insolvency Trustee Help You?
Now that you know you’ll be working with an expert when you talk to a LIT, it’s important to know everything they can do to help you with any issues of debt or bankruptcy.
There are two big things a LIT can provide you with because they are licensed.
First, they can legally protect you from creditors.
They can also offer debt forgiveness and help you to resolve your debt in ways that unlicensed individuals simply cannot do.
The main goal of a Licensed Insolvency Trustee is to work with you and your creditors to come up with a debt relief solution that appeases everyone.
Because of their licensing, LITs in Calgary can assist with:
LITs can also help you with confidential consultations.
It is their legal responsibility to go over all of your options when it comes to debt assistance, and that can include things like financial planning, management, and even budgeting.
LITs aren’t just there to get you out of debt now, they are there to assist you in creating a long-term financial plan that can keep you out of debt in the future.
Years of training, testing, and investigating truly makes them experts in many areas of the financial field, so they can make suggestions as to how to keep track of your finances on a long-term basis.
They will review your finances, and break everything down easily for you to create a plan that works.
Dealing with insolvencies can be overwhelming and even scary to the average person.
Being able to sit down with a Licensed Insolvency Trustee, face-to-face can help to alleviate some of those fears and give you the assurance you need that your financial troubles won’t last forever.
What to Expect When Meeting with a Trustee
As you now know, LITs have to go through quite a bit before they have the ability to sit down with you and discuss your debt assistance options.
When you sit down to meet with a trustee, you should feel confident and comforted in the fact that they are there to help you.
The meeting itself will be private and confidential, so there is no need to be cautious or embarrassed about your financial situation.
During your meeting, the trustee will explain your debt-relief options, and guide you toward what they feel would be the best decision.
Keep in mind that the final decision is always yours.
Though a LIT is experienced and has the expertise to make the best decisions, you will never be forced into choosing what to do/what not to do with your finances.
At Bankruptcy Canada, all of our Licensed Insolvency Trustees are happy to sit down with you for a no-cost consultation.
During that initial consultation, you’ll discuss everything from local bankruptcy filings to consumer proposal options, and anything in between that might help to assist you with your debt or your finances.
We understand the importance of not being left in the dark when it comes to debt assistance and a better understanding of how to manage your finances.
That’s why our LITs will help you every step of the way, making everything as clear as possible to alleviate any confusion.
With that in mind, if you’ve been considering talking to a bankruptcy trustee in Calgary, feel free to contact Bankruptcy Canada to set up a meeting with one of our Licensed Insolvency Trustees.
Though the official name may have changed, we think it’s for the better when it comes to assisting our clients and letting everyone know that we offer so much more than just bankruptcy assistance.
Remember, just because you’re struggling with debt doesn’t automatically mean bankruptcy is in your future.
We can help you to determine all of your options, and, in many cases, avoid bankruptcy if at all possible.
Don’t let the fear of your debt keep you from taking charge of it today, so you can have a better handle on your finances in the future.
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