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Get Debt Help From a Licensed Insolvency Trustee in Edmonton 

When you think about your finances, what is the first thing that comes to mind – contentment, or stress? For too many Canadians, the answer is now the latter. Inflation is running rampant and the cost of living crisis is making headlines across the country. Meanwhile, thousands of Canadians are still struggling after losing jobs and businesses during the Covid-19 pandemic. And when budgets are stretched, debts can start to mount leaving you feeling overwhelmed. 

Don’t let debt get the better of you. With the right support from a Licensed Insolvency Trustee (LIT), you can take the weight off your shoulders and work towards becoming debt free.

Licensed Insolvency Trustees in Edmonton

If you live in Edmonton and you are struggling to keep on top of your finances, an LIT can be the support you need to take control of your debt.

LITs are highly trained financial professionals licensed by the Canadian government to assist individuals in financial difficulty, and the only agents authorised to administer Bankruptcies and Consumer Proposals. They are also trained credit counsellors who can offer money management advice to tackle your debt and work towards becoming debt free. 

How can a Licensed Insolvency Trustee help me?

If your debts feel unmanageable, working with an LIT can help you to assess your options and decide on the best route forward for you. Trustees can also provide credit counselling and help you explore the pros and cons of filing a Bankruptcy or a Consumer Proposal. 

Credit Counselling

LITS are trained credit counsellors. If you’re having difficulty making ends meet and need help with balancing your budget, credit counselling may help you. The counselling sessions will cover:

  • An in-depth review of your financial arrangements
  • Help drafting a debt repayment plan – with priority given to more expensive or pressing debts
  • Negotiating with your creditors to obtain more favourable terms
  • Advice on general money management, sensible spending and budgeting
  • Guidance on the sale of less essential assets to raise funds
  • Advice on risky, high interest, high fee payday loans 

Consumer Proposals

Consumer Proposals are negotiated settlements with your creditors, designed for those who are approaching insolvency but who haven’t quite reached there yet.

In a Consumer Proposal, your Licensed Insolvency Trustee will make a formal offer to your creditors to pay a fixed amount over a specified period of time. Your creditors have 45 days in which to accept or reject this offer. Many creditors will accept a Consumer Proposal, even though the total amount they receive is frequently considerably less than the total owed, because they know they would most likely receive even less if you were to file for Bankruptcy.

Consumer Proposals can be a suitable option for you to settle your debt, in the right circumstances. Repayments are fixed and affordable, while interest is frozen. You will retain some income and are allowed to keep most of your assets. 

Bankruptcy 

LITs are federally regulated debt advisors. They are the only professionals who can file and administer Bankruptcies – meaning this isn’t something you can do yourself, or through a lawyer. Bankruptcy can help clear unsecured debt.  It offers legal protection from creditors while you work to maximise your income, liquidate assets and pay as much of your debts as you can.

Declaring Bankruptcy in Edmonton means you will have to live with a limited financial status for a period of time, but can give you a fresh start to work towards a future free from debt. Eventually you will be ‘discharged’ and return to solvency. Bankruptcy will affect your credit score – but your credit rating can be re-established and your LIT can advise on how to achieve this.

How much does a Licensed Insolvency Trustee cost?

Unlike other types of debt support which may charge you for debt advice, Trustees are not allowed to set their own fees and rates. Instead, the cost of an LIT is calculated and drawn from the funds that have been paid into each Bankruptcy estate or Consumer Proposal.

Your initial consultation with an LIT will be free of charge in compliance with the Office of the Superintendent of Bankruptcy. If you were to file for Bankruptcy, the cost will vary depending on your circumstances and whether it is your first Bankruptcy or the second time you are filing. For more information, take a look at the costs associated with filing for Bankruptcy.

Take control of your debt today

At Allan Marshall & Associates, our professional Licensed Insolvency Trustees are here to support you and restore your finances. We have Trustees in our Edmonton office that are eager to help you to eliminate your financial stress.  It’s never too late to take control of your debt. Get in touch today to arrange a free consultation and begin your journey to a brighter tomorrow.