How Can a Licensed Insolvency Trustee Help Me?

May 14, 2018 - 12:55pm

You might have heard the term Trustee, or LIT before, but are unsure exactly want an LIT does.

A Licensed Insolvency Trustee (LIT) is a financial recovery professional, licensed by the federal government, to assist individuals and businesses with their debt problems. LIT’s fees are regulated by the government and they are the only professionals that can file a consumer proposal or a bankruptcy on your behalf.

But, what does all of this mean?

It means, if you are losing sleep at night because of your debts and don’t know what to do or where to begin, an LIT can help you find a solution. An LIT will meet with you, learn about your situation, listen to your needs and help you make an informed decision on how you should deal with your debts.

An LIT will:

  • Explain all the available debt relief solutions and walk you through each process, including a consumer proposal and bankruptcy, or refer you to another debt help professional if these solutions aren’t right for you. As qualified debt relief professionals, LITs are there to offer you solutions, and help you choose the one that is best for your unique situation.
  • Work directly with your creditors on your behalf. If you’re getting calls from creditors or collection agencies, working with an LIT to file a consumer proposal or a bankruptcy will stop these intimidating calls. If you choose one of these solutions, they will provide you with automatic protection from most unsecured creditors, called a stay of proceedings. The stay means that unsecured creditors are unable to commence or continue any legal action against you, garnishee your wages, or freeze your bank accounts. Your LIT will handle communication with your creditors.
  • Help you rebuild your financial life so you can have a fresh start. An LIT will work with you to establish a budget, help you rebuild your credit score and provide you with the tools you need to take control of your finances.

Dealing with debts can be stressful and emotional, but an LIT will help you throughout the process, making sure you know and understand what is going on and help alleviate some of that stress.

If you believe you need the help of an LIT, take advantage of a free initial consultation to leave your debts behind.

Is an LIT the solution to your debt problems? Keep an eye out for my next column for more #DebtSolutions and join the conversation.

 

Debt Solutions
By Jasmin Calyniuk Licensed Insolvency Trustee, BDO Canada Limited

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