Do your debts feel too much to manage and you need some support? Working with a Licensed Insolvency Trustee (LIT) in Alberta can help you get a grip on your finances and start on the road to becoming debt free.
With the help of a Licensed Insolvency Trustee in Alberta, you can find an option that suits your unique debt situation, and take the first step towards financial wellbeing.
What is a Licensed Insolvency Trustee (LIT)?
LITs are the only federally regulated debt advisors in Canada, licensed by the Office of the Superintendent of Bankruptcy. They can offer advice and support to help you decide on the best way to manage your debts, and can also deal with your creditors on your behalf.
Licensed Insolvency Trustees are the only professionals in Canada who can file and administer Bankruptcies, meaning filing for Bankruptcy isn’t something you can do by yourself or through a lawyer. LITs are trained by the federal government to offer practical advice on all types of debt solutions, from budgeting to Bankruptcy. It’s their responsibility to ensure both the debtor and creditor are treated fairly.
When do I need a Licensed Insolvency Trustee?
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 help you to avoid filing for Bankruptcy, by discussing alternatives such as credit counselling or filing a Consumer Proposal.
What services can a Licensed Insolvency Trustee provide?
LITs can offer various debt solutions, and are licensed to file, manage and supervise Consumer Proposals and Bankruptcies. If you choose to file a Consumer Proposal, or file for Bankruptcy, your Trustee will guide you through the whole process. They will prepare and file any necessary paperwork to help take the weight off your shoulders, as well as dealing with your creditors on your behalf.
Here are the services a Licensed Insolvency Trustee can provide:
- Credit counselling: Licensed Insolvency Trustees are also credit counsellors, who can help you put together a monthly budget to better manage your finances.
- Filing a Consumer Proposal: Filing a Consumer Proposal is an alternative to filing for Bankruptcy. Once it’s decided that a Consumer Proposal is the right option for you to settle your debts, you will meet with an LIT who will review the process with you and file the proposal.
- Filing for Bankruptcy: The only way you can file for Bankruptcy in Canada is through an Licensed Insolvency Trustee. They’re trained and licensed by the federal government to provide Bankruptcy services and to ensure both the debtor and creditor are treated fairly.
Why should I work with a Licensed Insolvency Trustee?
Not sure if working with a Licensed Insolvency Trustee is the right option for you? Here are some benefits to consider:
Dealing with your creditors
Once you’ve filed a Consumer Proposal or personal Bankruptcy, your Trustee will deal with your creditors directly on your behalf. This will take away the pressure and stress of having creditors contact you asking for debt repayments. Unsecured creditors will no longer be able to contact you for debt collection or take legal proceedings against you.
Debt is a serious matter, so it’s important you get financial advice from a qualified professional. An LIT has extensive knowledge and experience in debt support, having been granted their license from the Office of the Superintendent of Bankruptcy (OSB). When dealing with a Licensed Insolvency Trustee, you know you’re dealing with a professional who will advise you on the best course of action to settle your debts.
Fees are regulated
The fees charged by a Licensed Insolvency Trustee are regulated by the federal government, and you are not charged for your first consultation.
How much does it cost for a Licensed Insolvency Trustee?
LITs are not allowed to set their own fees and rates, instead their fees are calculated and drawn from the funds that have been paid into each Bankruptcy estate or Consumer Proposal. If you were to work with a finance consultant for example, they may charge you for debt advice. Whereas a Licensed Insolvency Trustee is required by law to be paid from the funds from your Bankruptcy or proposal, and not from you personally.
Your initial consultation with an LIT is 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 the type of assignment, and whether it is the first or second time you’re filing. The costs associated with filing for Bankruptcy and payments will usually be broken down into reasonable monthly payments.
Ready to start the debt settlement process?
If you’re considering working with a Licensed Insolvency Trustee, why not reach out for a free consultation? We have recently opened new offices in Alberta to offer various debt and insolvency services, from Bankruptcy to credit counselling.
You can discuss your options with one of our Trustees, and put a plan together to clear your debts and manage your finances for a brighter future. Here at Allan Marshall & Associates, our professional and caring Licensed Insolvency Trustees have years of experience to help you settle your debts. They will listen to your financial worries, and with their support, you can work towards the fresh start that you deserve.
Contact one of our Licensed Insolvency Trustees today to improve your financial wellbeing.
We can help.