7 Ways a Licensed Insolvency Trustee Can Help You With Your Debt
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Debt Help From A Licensed Insolvency Trustee

7 Ways a Licensed Insolvency Trustee Can Help You With Your Debt

If you’re finding it hard to make ends meet every month and the debt just keeps piling up, the best thing you can do is to get professional help right away.

But what type of professional help should you seek?

Well, you may see a lot of debt advice businesses advertising that they can help you eliminate your debt.

What you need to recognize is that these businesses are unlicensed and unregulated.

Oftentimes, they will counsel you into debt relief options that:

  • aren’t your best option,
  • may not work well for you, or
  • generate even more fees, putting you deeper into the red.

In many cases, they simply charge you a fee (ka-ching) and refer you to a Licensed Insolvency Trustee (LIT). (And yes, that referral fee is unnecessary, since you don’t need a referral to see an LIT!)

What is a Licensed Insolvency Trustee?

LITs are federally-licensed, monitored, and regulated professionals that are authorized by the Canadian government to assist debtors like you with filing for bankruptcy or Consumer Proposals.

But LITs do a lot more than just that.

Here are 7 ways a Licensed Insolvency Trustee can help you today.

#1. You’ll get free debt help advice from an unbiased, qualified, and credentialed professional.

As mentioned above, the Canadian government licenses, monitors, and regulates LITs, so you can be assured that the services they offer are on the up and up. What’s more, your first consultation with an LIT is free. At this initial meeting, your LIT will review your financial circumstances in detail. Not only will you be provided with all debt relief options available to you, but you’ll get a seasoned opinion on the best solution for you and your family.

#2. You will have an expert to answer your questions.

If you have questions about your finances, debt relief options, budgeting, and so on, these are the experts to talk to. LITs have the professional and on-going education, training, and experience to help you.

#3. You’ll have access to a full range of debt relief services.

LITs offer a full range of debt relief options, from helping you create a workable budget right down to filing for bankruptcy.

#4. You’ll get protection from your creditors.

Bankruptcies and Consumer Proposals may only be administered by LITs. Because these are legal processes, one of their advantages is protection from creditors. Once you file bankruptcy or a Consumer Proposal, your creditors are stopped from trying to collect money from you. This means an end to collections calls, letters, lawsuits, garnishments, frozen bank accounts, and so on.

#5. You’ll have a professional negotiating debts on your behalf.

If you decide to file a Consumer Proposal, it’s your LIT that will negotiate your debts with your creditors based on what you can afford each month.

#6. You will receive debt management help.

LITs provide credit counseling services that will help you learn how to manage your finances and use your credit wisely. This type of financial education is necessary for almost all of us, and acts as preventative care from winding up in bankruptcy in the future.

#7. The sooner you reach out, the more options you may have available to you.

As soon as you experience financial distress, you should contact a Licensed Insolvency Trustee. Don’t wait until your debt spirals out of control. It may be that the answer to your debt problems is as simple as tracking your expenses and putting a budget in place. Bankruptcy may not be inevitable.

Contact a Licensed Insolvency Trustee Today

Do you need debt help in Ontario?

We’re here to help you get back on financial track. At your free initial consultation, we will review your financial circumstances and explain each debt solution available to you. We also offer our advice on the best solution for you and your family. So get started on the journey to better financial health today. Simply pick up the phone to schedule your free initial consultation. We look forward to hearing from you.

John Adamson, CPA, CMA

John is a Licensed Insolvency Trustee (1994), a Chartered Insolvency and Restructuring Professional (CIRP – 1994), and a Chartered Professional Accountant with a Certified Management Accounting designation (CPA, CMA – 1992). His experience includes more than 25 years of helping individuals, small businesses, their owners and even lenders, find solutions to their debt problems.

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