What is it an LIT?
Licensed insolvency trustees are, in fact, the same roles previously referred to as trustees in bankruptcy. An estimated quarter of Canadians have relied on trustees or know someone who has when it comes to their financial trouble. A Vancouver insolvency trustee can help individuals in the area by explaining what their options are when facing debt, and reviewing what makes the most sense for their unique circumstances. Two of these options include filing for bankruptcy and filing a consumer proposal.
LITs are the only professionals licensed by the government through the Office of the Superintendent of Bankruptcy, so it is important to seek the right help – rather than consulting with someone who does not follow the same regulations. Credit counselling agencies and debt settlement companies are not the same as a Vancouver bankruptcy consultant. Although individuals who seek help from an LIT are still obligated to pay for their services, these fees are regulated by the government so there is no risk involved. Our practice offers help debt solutions in Vancouver to local individuals.
How can an LIT help?
With the growing rise of personal debt in the country, Vancouver bankruptcy trustees are often vital for people struggling with financial hardship. Many LITs offer free consultations and subsequent guidance to help resolve debt trouble. But rather than representing the debtors or the creditors, LITs work for the court and are responsible for assuming the role of mediator between them. They must make sure that debtors are aware of everything in their case, including all debt solutions that Vancouver offers, and that creditors are not taking advantage or misrepresenting the circumstances.
A Vancouver insolvency trustee can review your finances with you, including income and debts, to reach the best debt solution. If you choose to file for bankruptcy or file a consumer proposal, an LIT can help you prepare all the necessary documents involved in either process and file it on your behalf. Further, they keep abreast of the situation to ensure any debtor and his or her creditors comply with the necessary protocol. Their work involved in an insolvency in Vancouver would include administrative work, enforcing regulations, requesting a discharge when the bankrupt individual becomes eligible – usually after nine months – and taking care of the applications that accompany this process.
LITs not only help individuals by providing peace of mind, they also benefit the creditors by figuring out how an individual can pay off his or her debt. They ensure they receive all, most, or at least some, of the money owed to them. An insolvency consultant in Vancouver who will thoroughly work with you during your debt settlement process can actually help to avoid any issues that may otherwise arise, particularly when it comes to dealing with creditors. That is why it is so important to seek advice from a credible insolvency trustee, rather than someone who does not have the appropriate accreditation. We offer helpful debt solutions to guide you when facing financial worries. Call us in downtown Vancouver to book an appointment.
At Crowe MacKay & Company, we have over 60 years of experience and offer free initial consultations. If you have any questions regarding the information above, contact our office today and start your debt relief journey.
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This article has been published for general information. You should always contact your trusted advisor for specific guidance pertaining to your individual needs. This publication is not a substitute for obtaining personalized advice.