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The term, “licensed insolvency trustee”, has recently become more commonplace; however, you still may have questions to ask regarding the role a licensed insolvency trustee plays in debt consolidation and bankruptcy. Below are the answers to some of these questions.

What is a licensed insolvency trustee?

A Licensed Insolvency Trustee (LIT) is a professional who is able to administer the laws within the Bankruptcy and Insolvency Act (BIA). Basically, LITs are able to suggest and provide government programs, which they feel will best aid these individuals in seeking guidance for their debt problems. These individuals are licensed by the Office of the Superintendent of Bankruptcy and can help with a variety of services to help avoid bankruptcy.

How do I hire a licensed insolvency trustee?

Technically speaking, a licensed insolvency trustee is not “hired”; although you usually choose the trustee you want to work with, and make payments to this trustee, the trustee does not work for you. This being said, you can contact a licensed insolvency trustee by phone or email and meet for a consultation, which is typically free. You can use this consultation to go assess your financial situation, to ease into comfort with the trustee, and to learn about the possible solutions for your financial problems.

What bankruptcy services do licensed insolvency trustees provide?

Licensed insolvency trustees provide a wide variety of services according to your specific situation. Particularly, these services include debt solutions, debt consolidation, consumer proposals (proposals to creditors), credit counselling and bankruptcy to name a few.

I think I may need a licensed insolvency trustee – what should I do now?

If you are struggling with debt or think you need advice on these types of financial issues, a licensed insolvency trustee will sit down with you and advise you on these problems. We are Licensed Insolvency Trustees and have extensive experience in addressing financial challenges and all the questions you may have, as described above.

Feel free to email us at info@dodicklandau.ca, call us at 416 736 4357 (HELP), or fill out the contact form on this website, to book a free, no obligation consultation with one of our licensed insolvency trustees.

Make an appointment today, and we will provide some solutions specifically tailored to your situation.  We look forward to assisting.