Vancouver is one of the most expensive cities in Canada, so it’s not surprising that many residents are dealing with debt. If you’re struggling to make ends meet, a Vancouver Licensed Insolvency Trustee (LIT) can help you navigate the complex landscape of your finances. From debt relief strategies to tailored solutions, an LIT can work with you to build a more secure financial future.
What is a Licensed Insolvency Trustee
Licensed Insolvency Trustees, formerly known as Bankruptcy Trustees, are federally regulated professionals who provide advice and debt services to Canadians. Trustees have a comprehensive understanding of Canadian Bankruptcy laws and can act as an impartial intermediary between you and your creditors. The primary goal of an LIT is to help you regain control over your finances.
Why Work With a Vancouver Licensed Insolvency Trustee?
If you’re struggling with debt and you’re tired of trying to navigate it alone, consider partnering with an LIT and take advantage of the following benefits:
- Range of debt options: An LIT is the only professional in Canada authorized to administer government debt relief solutions, including Consumer Proposals and Bankruptcy.
- Reduced stress: Dealing with debt and creditors is stressful. An LIT can help to relieve your stress by dealing with your creditors on your behalf.
- Qualified professionals: When looking for debt help, it’s important you find someone with the necessary qualifications. Licensed Insolvency Trustees are granted a license from the Office of the Superintendent of Bankruptcy (OSB) only when they’ve demonstrated the required knowledge, experience, and skills.
- Ethical: Trustees must adhere to a code of ethics that is overseen by the OSB. Everything from how an LIT must communicate with creditors to how they can advertise their services is regulated and monitored.
- Regulated fees: When you work with an LIT, you never have to worry if you’re paying too much, as all LIT fees are regulated and licensed by the Canadian government.
- Legal protection: If you declare Bankruptcy or enter into a Consumer Proposal, you gain legal protection from your creditors. Any wage garnishment, collection calls, or creditor lawsuits will stop.
What Services Does a Licensed Insolvency Trustee Offer?
Licensed Insolvency Trustees offer a wide range of debt solutions and can help you decide which is right for your financial situation.
The purpose of credit counselling is to help individuals improve their financial knowledge and habits. In a credit counselling session, your LIT will work with you to understand your current financial situation. Then, they can provide tailored coaching on subjects like how to create a budget, or how to manage credit. Your LIT can also recommend specific debt relief solutions such as a Consumer Proposal or Bankruptcy, if they think it’s needed.
A Consumer Proposal is a legally binding debt settlement arrangement between you and your creditors. You work with your LIT to create a proposal in which you offer to pay a percentage of what you owe, extend the time to repay your debt, or both. You have up to five years to complete the Proposal. For many Canadians, a Consumer Proposal provides the debt relief they need without filing for Bankruptcy. A Proposal allows you to keep more of your assets than in Bankruptcy.
While Bankruptcy is usually reserved as the last option, for those drowning in mountains of debt, it might be the right option. In Bankruptcy, you are discharged from most of your unsecured debts, including credit cards and lines of credit. In exchange, your LIT will sell many of your assets to repay your creditors. The purpose of Bankruptcy is not to punish, instead, it’s to provide a fresh financial start for Canadians who are down on their luck.
Vancouver Licensed Insolvency Trustee: Your Local Bankruptcy Experts
Dealing with debt is stressful. It has a way of creeping into every aspect of life, from your relationships to your health and sleep patterns. An LIT can work with you to develop a plan to get rid of your debt so you can stop worrying.
If you’re tired of dealing with your debt alone, speak to a Vancouver Licensed Insolvency Trustee at Allan Marshall & Associates. Our debt experts will work with you to assess your current debt situation and recommend solutions for how to move forward. For a free consultation, contact us at 1-888-371-8900 or complete our online contact form and we’ll connect with you.