Licensed Insolvency Trustees in Canada
A licensed insolvency trustee (LIT) is a federally-regulated professional who specialises in helping people who are struggling with severe debt.
Trustees assume responsibility for overseeing processes, including filing a consumer proposal or bankruptcy.
If you are in debt, and your trustee advises you to consider these options, they are authorised to initiate the process and they will liaise with unsecured creditors on your behalf.
If you file for bankruptcy in Canada, unsecured creditors cannot contact you directly.
In 2019, personal insolvencies hit a ten-year high.
In October alone, more than 13,000 people filed a bankruptcy or consumer proposal.
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Talking to an insolvency trustee in Canada
If you’ve reached a point where you have no means to pay your bills, and you have outstanding debts, talking to an insolvency trustee is hugely beneficial.
Trustees in Canada abide by a strict code of practice and their main aim is to help people find the best way to get out of debt.
By law, trustees are required to provide details of all options open to the individual.
When you have your consultation, your trustee will talk you through the various ways of dealing with and reducing debts, and they can expand on pros and cons and offer advice based on your individual circumstances.
Consumer proposals are becoming more commonplace.
According to statistics from the Office of the Superintendent of Bankruptcy, in January 2020, consumer proposals accounted for 60.8% of personal insolvencies.
It’s important to gather as much information as possible and to take your time to make a decision.
If you choose to file a consumer proposal or bankruptcy, your trustee will oversee the process and initiate proceedings.
Unsecured creditors will not contact you once you have filed for bankruptcy, and your trustee will liaise with them on your behalf.
If you have any questions about the process, your trustee is your point of contact.
These include attending a minimum number of credit counselling sessions, keeping up to date with surplus income payments and ensuring your contact details are correct.
How can I find an insolvency trustee?
If you’re looking for a licensed insolvency trustee in Canada, we can help.
Contact us today to get in touch with experienced, friendly, reputable trustees in your local area.
All bankruptcies and consumer proposals in Canada must be overseen by licensed insolvency trustees.
If you have any questions about bankruptcy, or you’re unsure which options are open to you, don’t hesitate to call us.
We can provide advice and connect you with reliable trustees in your region.