Dealing with significant debt is stressful. If you aren’t comfortable talking about your debt issues with friends or family, it can feel incredibly isolating. If you are struggling to manage your debt and you’re tired of dealing with it alone, a Licensed Insolvency Trustee (LIT) can help.
A Licensed Insolvency Trustee on Vancouver Island has the expertise and experience to assist you with your debt, no matter how significant it is.
What is a Licensed Insolvency Trustee?
A Licensed Insolvency Trustee, formerly referred to as a Bankruptcy Trustee, is a federally regulated professional licensed by the Office of the Superintendent of Bankruptcy. They can offer advice and guidance on how to manage your debt. No matter what your debt situation looks like, an LIT has seen it before.
Why Work with a Licensed Insolvency Trustee?
An LIT is the only professional licensed by the Canadian government to administer the full range of debt relief options, including Consumer Proposals and Bankruptcies. While other financial professionals and companies can provide debt management support, they can not discharge you from your debt.
What Debt Options Can a Licensed Insolvency Provide?
When you work with a Licensed Insolvency Trustee, they will assess your financial situation and recommend the right debt solution to meet your specific needs. Whether you need some guidance around budgeting or you’re insolvent and require a more formal debt relief solution. Some debt options an LIT can suggest include:
In a credit counselling session, you work with an LIT to understand the root of your debt problems. By understanding how you got into debt, you can avoid falling into the same patterns in the future. Your LIT can then provide you with tailored knowledge and tools to work towards getting out of debt.
Depending on your needs, your LIT might coach you on proper credit card use or work with you to create a monthly budget. If your finances have become unmanageable, your LIT may suggest a more structured debt relief option such as a Consumer Proposal or Bankruptcy.
A Licensed Insolvency is the only professional authorized in Canada to administer a Consumer Proposal. During the proposal process, you work with your LIT to develop an offer to pay your creditors a portion of your total debt, extend the time to repay your debt, or both.
As soon as your LIT files your proposal, you can stop making payments directly to your creditors. If your creditors are garnishing your wages or have filed a lawsuit against you, these actions will also stop.
Bankruptcy is another legal process that only an LIT can administer. While Bankruptcy is generally the last resort for people struggling with unmanageable debt, it is meant to provide a fresh financial start for honest Canadians who have fallen on hard times.
When you are formally declared Bankrupt, you can stop making payments to your unsecured creditors and any wage garnishment or lawsuits against you will stop. Your LIT is responsible for selling your assets to raise money to distribute to your creditors. If you are discharged from Bankruptcy, you are released from your debts.
What Are The Benefits of Working With Your Local Bankruptcy Experts?
When you start working with an LIT, you can breathe a sigh of relief. You no longer have to navigate your debt alone. An LIT is there to walk you through every step of the way, from filing any necessary paperwork to communicating with your creditors. Other benefits of partnering with an LIT include:
- Highly qualified. LITs have the education and specialized qualifications to assist you with any debt-related problem. LITs are also the only professionals in Canada capable of administering all types of debt help, including Consumer Proposals and Bankruptcies.
- Federally regulated. The Office of the Superintendent of Bankruptcy of Canada regulates everything an LIT does, including how much each service costs. You never have to worry about an LIT overcharging you. Plus, your initial consultation with an LIT is free.
- Ethical. LITs are bound by a strict Code of Ethics that outlines everything from what information they must provide to creditors to how they can advertise their services.
Get Debt Help – Licensed Insolvency Trustee – Vancouver Island
If you’re tired of trying to manage your debt alone, reach out to a Licensed Insolvency Trustee on Vancouver Island. You can start your journey to debt relief with a free consultation. Our experts have helped thousands of Canadians like you work towards getting out of debt and starting a fresh financial future. If you’re ready to speak with one of our LITs, call us at 1-888-371-8900 or fill out our online contact form.