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Dealing with debt is stressful. Looking for debt help can also feel overwhelming. With so many people calling themselves “debt experts” and claiming they can eliminate your money troubles, how do you sift through the information to find the real professionals? The truth is, Licensed Insolvency Trustees are the only professionals in Canada authorized to administer government-regulated debt relief solutions, such as Consumer Proposals and Bankruptcies.
If you want a professional who can provide all of the debt relief options available, then reach out to a LIT. In this article, we’ll teach you how to find the right Licensed Insolvency Trustee in Canada so you can start working towards debt freedom.
What is a Licensed Insolvency Trustee?
Licensed Insolvency Trustees are debt professionals who are authorized by the federal government to administer insolvency proceedings, including Consumer Proposals and Bankruptcies. A LIT has the knowledge and experience needed to assess your financial situation and explain what debt relief options are available to you.
Why Work With a Licensed Insolvency Trustee?
The debt relief landscape is full of people claiming to be debt advisors and debt professionals who can wipe out your debt. While there are many legitimate and helpful financial professionals who can help you navigate your debt, LITs can provide the widest range of debt relief solutions in Canada. From credit counselling and learning how to budget, to filing for personal Bankruptcy, a Licensed Insolvency Trustee can guide you through the process.
Here are a few other reasons you might consider working with a LIT.
LITs are qualified
Before you work with a debt professional, make sure you understand their qualifications. When you work with a LIT, you can feel confident that you’re dealing with a qualified professional. All LITs in Canada have to complete the Chartered Insolvency and Restructuring Professional (CIRP) designation issued by the Canadian Association of Insolvency Restructuring Professionals (CAIRP). They also have to meet the requirements of the Office of the Superintendent of Bankruptcy (OSB) to obtain their license.
LITs follow a code of ethics
All LITs have to adhere to a Code of Ethics outlined in the Bankruptcy and Insolvency Act of Canada. This code outlines rules on how a Trustee is expected to act with integrity, honesty, and professional conduct. Trustees are also subject to constant oversight by the OSB. If you have an issue with a LIT, you can file a complaint with the OSB, and they will look into it.
LITs have regulated fees
Licensed Insolvency Trustees don’t set their own fees. Instead, fees for consumer insolvencies (Consumer Proposals and Bankruptcies) are regulated by the federal government. Working with a LIT is often cheaper than working with an unregulated debt consultant who can charge whatever they want for their services. In most cases, the first consultation with a LIT is free to help go through your options.
LIT’s provide guidance
When you file a Consumer Proposal or a Bankruptcy with a LIT, you no longer have to deal with your creditors alone. Your LIT is knowledgeable and ready to help you in your time of need. Once you file, your Trustee will communicate with your creditors on your behalf.
How to Find the Right Licensed Insolvency Trustee in Canada
There are a few different ways you can search for the right Licensed Insolvency Trustee in Canada, including:
- Review the registry. The Government of Canada has a registry for all active LITs in the country. You can search a LIT by name or location.
- Read reviews. Once you’ve narrowed down your search to a few local offices, look up testimonials and online reviews to see what former or current clients have to say about the individual LIT or the LIT office.
- Meet multiple LITs. Your relationship with your LIT is important. If you file for a Consumer Proposal or Bankruptcy, you’ll be working together for many months or years. Meeting with multiple LITs to get a feel for who is right for you is worth the time and energy. Most LITs offer a free consultation, where they will review all of the debt relief options available to you. You can use this time to get a sense of who is a good fit.
Get Debt Help: Find the Right Licensed Insolvency Trustee in Canada
If you’re looking for objective advice and guidance on how to overcome your debt, work with a Licensed Insolvency Trustee. Trustees have the qualifications and experience needed to navigate any debt situation. To find the right LIT, set up several consultations and see who can answer your questions and makes you feel most comfortable. For a free consultation with our office, call us at 1-888-371-8900 or complete our online contact form.
