Why Choose to Work With a Licensed Insolvency Trustee?
Working With a Licensed Insolvency Trustee
People who are facing a financial crisis can chose to seek help from Credit Counsellors, Debt consultants, or in some provinces can file a Debt Consolidation Order, under the Orderly Payment of Debts, or they can work with Licensed Insolvency Trustees (LITs).
Why choose to work with a Licensed Insolvency Trustee?
The following are the reasons it is in your best interest to choose to work with a Licensed Insolvency Trustee:
- Trustees are regulated by the government: Trustee fees are also regulated by the government for bankruptcies and consumer proposals.This means that the cost of filing bankruptcy will be the same no matter which trustee in Canada you choose.
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- Better Value: It will cost less for you to use the services of a LIT than other consultants or counsellors.Use our Debt Calculator to see the options available for you.
- Training and Experience: Licensed Insolvency Trustees are the best trained and best educated debt consultants in Canada:
- Most trustees have a university education and are CPAs;
- They must take and pass a rigorous 3 year bankruptcy law course;
- Before being granted a license by the government they must be investigated by the RCMP;
- If there is a dispute, mediation is available;
- Ongoing education and training is mandatory.
- Better Protection from Creditors: Only trustees can protect you from collection action by your unsecured creditors, including CRA.Trustees have a very powerful tool in the Stay of Proceedings.
The Stay of Proceedings goes into effect as soon as a bankruptcy or consumer proposal is filed.The Stay of Proceedings stops all collection action by unsecured creditors.
Collection calls are stopped and interest on the debt is stopped. Wage garnishments in place or contemplated are stopped.
- Trustees do not work for the creditors: Trustees are officers of the court. They do not represent any party but have the obligation to ensure that the rights of creditors and the debtor are protected.
- Trustees offer a FREE consultation: You can set up a free consultation with a trustee to explore your options.