A licensed insolvency trustee (LIT) is a professional who is licensed by the government to help individuals and businesses in financial distress. If you are struggling with overwhelming debt and are considering bankruptcy, it is important to understand the role of a licensed insolvency trustee and the services they provide.

What is a Licensed Insolvency Trustee?

A licensed insolvency trustee is a financial professional who is trained and licensed to help individuals and businesses in financial distress. In Canada, LITs are regulated by the Office of the Superintendent of Bankruptcy (OSB), which is a division of the federal government. LITs must meet strict educational and experience requirements, and they must adhere to strict codes of conduct and ethical standards.

What Do Licensed Insolvency Trustees Do?

The main role of a licensed insolvency trustee is to help individuals and businesses find solutions to their financial problems. This may include filing for bankruptcy, negotiating a consumer proposal, or providing advice on debt management and financial restructuring.

A licensed insolvency trustee can assist you in better understanding the bankruptcy process and what it fully entails if you are thinking of filing. They will work with you to gather all the necessary information and documents, and they will help you to prepare and file the necessary paperwork.

 If a consumer proposal is a better option for your situation, a licensed insolvency trustee can help you negotiate a repayment plan with your creditors. This may involve reducing the amount of debt you owe or extending the repayment period. In addition to these services, licensed insolvency trustees also provide financial counseling and advice on how to manage your finances and avoid future financial difficulties.

Licensed insolvency trustees like Andrea Orr are trained and licensed professionals who can help you find solutions to your financial problems and provide financial counseling and advice. If you are in financial distress, it is important to work with a licensed insolvency trustee to ensure that you get the help and support you need.

 How Do I Find a Licensed Insolvency Trustee?

You can find a licensed insolvency trustee in your area by searching the OSB’s online directory or by visiting www.andreaorr.com Like most Licensed Insolvency Trustees, Andrea Orr does not charge for consultations.