Dealing with debt can feel like you’re drowning. It can consume your thoughts, cause arguments with your partner, and make you feel like a failure. While things may feel hopeless, help is available.
A Licensed Insolvency Trustee (LIT) is a qualified debt professional who can work with you to find a solution to your debt issues. When you’re ready to move towards a fresh financial future, reach out to a Coquitlam/Port Moody Licensed Insolvency Trustee.
What is a Licensed Insolvency Trustee?
A Licensed Insolvency Trustee, formerly called a Bankruptcy Trustee, is a federally regulated professional who provides advice and support to individuals and businesses suffering from debt problems. An LIT can assess your debt situation and recommend the debt solution that is right for you.
Why Work With a Coquitlam/Port Moody Licensed Insolvency Trustee?
An LIT is the only debt professional in Canada qualified to provide the full range of debt help solutions, including Bankruptcy and Consumer Proposals. These are often the solutions required to find relief if you are dealing with significant debt. Other benefits you can enjoy when working with an LIT include:
- Qualified. When you work with an LIT, you never have to question if they are qualified. All LITs are licensed by the Canadian government through the Office of the Superintendent of Bankruptcy (OSB). Licensing requires a demonstrated level of knowledge, experience, and skills.
- Federally regulated. When working with an LIT, you also don’t have to question if you’re paying too much. All LIT fees are regulated by the federal government. When you work with an LIT from Allan Marshall and Associates, your first consultation is always free.
- Ethical. All LITs are held to a code of ethics that outlines everything from how an LIT must communicate with creditors to how they can advertise their services.
What Debt Services Can an LIT Provide?
An LIT can provide a wide range of debt options, and they are the only professionals in Canada authorized by the government to administer Consumer Proposals and Bankruptcies.
If you want to understand how you got into debt and improve your financial knowledge, consider credit counselling. An LIT can work with you to develop specific financial skills to better manage your finances and avoid debt in the future. For instance, they can help you create a budget and advise you how to use it. If you struggle with credit card debt, your LIT can teach you about proper credit card use. During credit counselling, your LIT can also recommend other debt solutions like a Consumer Proposal or Bankruptcy if they think they are necessary.
A Consumer Proposal is a legal process that only an LIT can administer. If you qualify for a Proposal, you work with your LIT to develop an offer to your creditors in which you propose to pay a percentage of what you owe, extend the time you have to pay, or both. The maximum amount of time you have to complete a Consumer Proposal is five years. Throughout the process, your LIT will guide you through every step of the process and communicate with your creditors on your behalf.
While Bankruptcy is often seen as the worst-case scenario, it is also the solution that can provide the most debt relief. When you file for Bankruptcy, you work with a LIT to complete the required forms. As soon as you declare Bankruptcy, you can stop making direct payments to your creditors. Any wage garnishment, creditor lawsuits, and collection calls will also stop. While your LIT will sell your assets to raise money to repay your creditors, you will not lose everything in Bankruptcy. There are provincial and federal exemptions to what can be sold.
Speak to Your Local Bankruptcy Experts
If you’re tired of trying to navigate your debt alone, it’s time to speak to a Licensed Insolvency Trustee in Coquitlam, Port Moody. No matter what your debt situation looks like, your LIT has seen it before and has helped many people towards becoming debt free.
At Allan Marshall & Associates, we understand that debt happens to good people, and we want to help you find your fresh start. When you’re ready give us a call at 1-888-371-8900, or reach us online for a free, no-obligation consultation.