What Is a Licensed Insolvency Trustee and Why Do You Need One?

If you’re experiencing debt, you should seek help from a licensed insolvency trustee (“LIT”). With more than 20 years of experience, I’ve helped thousands of families and individuals turn their lives around and get back on a track of financial stability even when faced with substantial debt.

What Is a Licensed Insolvency Trustee and Why Do You Need One

I understand that living with debt is difficult and overwhelming, which is why I’m here to review your current financial situation and offer you practical advice on how to get out of debt. The following article will discuss the role of a licensed insolvency trustee and why you should contact one if you’re in financial trouble.

About Licensed Insolvency Trustees

LITs operate under the Bankruptcy and Insolvency Act. This statute clarifies the rules and regulations for consumer proposals and bankruptcy proceedings. Consumer proposals are a popular alternative to bankruptcy and individuals need professional help navigating the process.

To protect consumers from scams and other fake establishments, licensed insolvency trustees have been designated by the OSB (Office of the Superintendent of Bankruptcy) to take care of all matters about consumer proposals and bankruptcy filings.  You do not need a referral to see a LIT.

What A Licensed Insolvency Trustee Does

LITs strive to provide those in debt with information and guidance pertaining to their financial situation. Before you agree to sign a consumer proposal or file for bankruptcy, your LIT will want to review your finances and ensure that you’ve reviewed all of your options before moving ahead with a restructuring option.

Upon consulting with your LIT, it will be up to you to decide which restructuring option works best. When you’ve reached a decision, your LIT will ensure that your documents and paperwork are filed with the federal government.

Why You Should Work with a Licensed Insolvency Trustee

Your Licensed Insolvency Trustee wants to see the best possible outcome for you. Put your trust in a professional. If you need financial help, feel free to contact Andrea Orr today!