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How to Pick a Licensed Insolvency Trustee (LIT) in BC

Dealing with debt is stressful, but you don’t have tackle it alone. Licensed Insolvency Trustees (LIT) are debt professionals who are qualified to help you navigate any debt issue you encounter.  Whether you’re looking for credit counselling to improve your financial literacy or are insolvent and want to file a Consumer Proposal, an LIT can support you through every step.

What is a Licensed Insolvency Trustee?

Licensed Insolvency Trustees, formerly known as Bankruptcy Trustees, are federally regulated professionals licensed by the Office of the Superintendent of Bankruptcy. A Licensed Insolvency Trustee has the qualifications and experience to provide advice and services to Canadians with debt issues. They deal with more than just bankruptcy.  An LIT will listen to your debt situation and provide you with options or alternatives to bankruptcy, if it is not right for you.  

How to Choose a Licensed Insolvency Trustee in BC

For many people, debt is a sensitive subject. You might find it hard to discuss your money problems with your partner or friends, let alone someone you’ve never met. Finding a debt professional that makes you feel comfortable and safe when discussing your debt situation is important. 

When you’re trying to decide who to work with, it may feel overwhelming. There are financial advisors, debt counsellors, credit counsellors, and unlicensed debt advisors. It’s important to know that individuals can call themselves a financial advisor or debt professional even if they don’t have a professional designation. When selecting who you want to work with, consider if they have the appropriate education and qualifications. 

Other factors to consider when choosing a Licensed Insolvency Trustee in BC include: 

Local

When selecting an LIT, it’s helpful to go with someone local. There are differences in how insolvency laws are governed across different provinces. Working with a local LIT will help to ensure that they understand any BC-specific laws or policies. 

For instance, when filing for Bankruptcy, certain possessions are exempt from sale. These exemptions can differ between provinces and territories. 

When you work with a local LIT, you also have the option of visiting the office and meeting with an LIT in person. At Allan Marshall & Associates, we have offices in Vancouver, Surrey, Coquitlam/Port Moody, Burnaby, and Victoria. Of course, if you’d rather chat in the comfort of your home, virtual and telephone consultations are also available. 

Knowledgeable

When looking for an LIT, you want to find someone who is always striving to learn more and increase their knowledge of the field. At Allan Marshall & Associates, we are members of the Canadian Association of Insolvency and Restructuring Professionals (CAIRP), where we continue to learn and enhance our financial knowledge. 

Supportive

Dealing with significant debt can bring on all kinds of emotions, from fear to anger and embarrassment. When you work with us, there is no judgment. We understand that debt happens to good, honest people, and we’re here to help you find your second chance.   

Cost

A benefit of working with an LIT is you don’t have to worry about finding the best deal or paying unnecessary fees. All LIT fees are federally regulated. When you work with an LIT at Allan Marshall & Associates, your first consultation is always free

Client reviews

Before deciding who you want to work with, you can also scan Licensed Insolvency Trustee reviews to see what former clients have said.  Client reviews provide an honest take on the experience of working with a particular LIT and can help to avoid working with individuals who are a bad fit. We invite you to take a look at client reviews of our wonderful team.

What Can a Licensed Insolvency Trustee Do For You?

While there are many companies and individuals offering debt help, LITs are the only professionals in Canada authorized to administer government-regulated insolvency proceedings, including Consumer Proposals and Bankruptcies. 

An LIT can offer a range of debt help and debt relief solutions : 

Credit counselling

If you’re still able to pay your bills but could use some help creating a household budget or learning how to manage credit, you might consider credit counselling. In a counselling session, your LIT can help you understand the root cause of your debt issues and work with you to improve your financial literacy and learn new budgeting skills.   

Consumer Proposal

A Consumer Proposal is a legal process that can only be administered by an LIT. In a Proposal, you work with your LIT to create an offer to your creditors to pay a percentage of debt, extend the time you have to pay, or both. To be eligible for a Consumer Proposal, you must be insolvent and have debts between $1,000 and $250,000 (not including your mortgage). 

Bankruptcy

Bankruptcy is another debt solution that can only be administered by an LIT. While no one wants to file for Bankruptcy, sometimes it is the right option. In Bankruptcy, your LIT will sell your assets, and in exchange, you are discharged from many of your unsecured debts. While many people fear losing everything in Bankruptcy, this is not the case. Each province has a list of items that are exempt from sale. 

Find a Licensed Insolvency Trustee in BC – Contact Allan Marshall & Associates

If your debt is getting out of control and feels unmanageable, it’s time to talk to an LIT. They can assess your debt situation and recommend a path forward. If your LIT thinks a more formal debt solution is needed, such as a Consumer Proposal or Bankruptcy, they are qualified to provide these debt services

When you’re ready to start your journey to debt freedom, call us at 1-888-371-8900, or fill out our online contact form for a free, no-obligation consultation.  We Can Help.

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Scott Marshall BBA, C.I.R.P, L.I.T

Scott is serving as Vice President and managing partner of Allan Marshall & Associates Inc. since obtaining his License as a Trustee (LIT) in 2003. Scott graduated with a Bachelor of Business Administration (BBA) from the University of New Brunswick and is an active member of the New Brunswick business community. In past years, Scott has been a valued member of the Wallace McCain institute.