Looking For The Right Licensed Insolvency Trustee?

The Importance of Choosing the Right Licensed Insolvency Trustee Locally

The advent of the pandemic necessitated a shift in the way Licensed Insolvency Trustees (LIT) operated. The Office of the Superintendent of Bankruptcy (OSB) made the necessary adjustments, allowing for video calls and electronic document signing. This move enabled Canadians to access debt relief services despite the restrictions. However, Looking for the right Licensed Insolvency Trustee? requires a more localized approach.

Face-to-Face Meetings with Licensed Insolvency Trustees

Dealing with overwhelming debt is a stressful experience, and deciding to file for bankruptcy or a consumer proposal can be a critical financial decision. Even though virtual insolvency proceedings are now possible, seeking the services of a local LIT offers the advantage of face-to-face meetings.

When you schedule your assessment, your LIT must give you the option to meet in person. The trustees should also accommodate any requests you have for in-person meetings throughout your proceedings. Local trustees’ offices are often conveniently located, making it easier for you to schedule meetings and reducing any potential travel constraints.

Understanding Provincial Nuances in Insolvency Laws

The Bankruptcy and Insolvency Act is a federal law that provides Canadians with access to permanent debt relief and a chance to make a fresh financial start. However, the application of these laws also varies from province to province. This is where a local LIT’s knowledge and experience become invaluable.

Each province has specific nuances in their application of insolvency laws. These differences could involve:

 

  • Assets that are exempt in a bankruptcy proceeding.
  • Type of debts that can or cannot be discharged in a bankruptcy or consumer proposal.
  • Available alternatives to bankruptcy or consumer proposal.
  • Preferences and conventions of the courts and the OSB.

 

Working with a local LIT ensures you receive accurate advice tailored to your specific jurisdiction. This ensures your case is handled correctly and promptly.

Local Licensed Insolvency Trustees and Referrals

Your financial recovery might require you to collaborate with a third-party service provider. These could include non-profit credit counselors, lawyers, or mental health service providers. As a court representative, your LIT should refer you to reputable professionals with your best interests at heart.

Though LITs do not have formal partnerships with local organizations, they are familiar with the reputable ones in your area. This familiarity ensures you receive referrals to trustworthy organizations, which is crucial given the sensitive nature of your situation.

The Need for a Local Perspective

Canada is a vast country with significant cultural and economic differences across provinces and cities. While LITs need to objectively evaluate each situation, it’s equally important for them to understand the specific circumstances that led to your financial predicament.

Local trustees can empathize with your experiences and tailor their advice to fit your unique challenges and goals. Besides, their understanding of your local economy can provide insights into the best options for your financial recovery.

The Role of In-Person Meetings

The onset of the pandemic led to the OSB allowing virtual insolvency proceedings. This decision was a necessary one, as it ensured Canadians continued to receive debt relief amidst a depressed economy and nationwide business closures.

However, the landscape has changed significantly over the past two years. Virtual proceedings have proven beneficial in some aspects and problematic in others. Despite the convenience of virtual proceedings, LITs continue to value face-to-face meetings for their ability to provide personalized advice.

While virtual proceedings are still an option, a hybrid approach often works best. If you’re considering avoiding in-person meetings, weigh these considerations:

 

Comfort level in discussing personal and financial issues: Your initial consultation will require you to disclose sensitive information about your debts, financial habits, living situation, etc.

Familiarity with technology: Virtual proceedings will require several video calls and electronic document sharing, which might pose cybersecurity risks.

Internet coverage in your area: Rural communities in Canada often lack reliable broadband internet access, which can make video calls challenging.

Any impairments or disabilities: People with vision and hearing impairments might find video conferencing and electronic document submission challenging.

Communication or learning style: Face-to-face meetings often facilitate more engaged collaboration, which can maximize the value of your sessions.

Self-motivation: You’ll have several legal requirements to fulfill to complete your bankruptcy or consumer proposal successfully. In-person meetings can help keep these responsibilities organized.

Language barriers: Understanding the insolvency process is crucial, and in-person meetings can facilitate clearer communication if you’re not fluent in English or French.

 

Looking for the right Licensed Insolvency Trustee? Remember, the key is to find a local trustee who understands your unique situation, knows your local economy, and can provide you with the best advice for your financial recovery.

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.