Costs of Using a Licensed Insolvency Trustee
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By Jarret Austin, Bankruptcy Canada | Reading time: 2 min | 356 words
Licensed Insolvency Trustees (LITs), or Bankruptcy Trustees, as they were previously referred to, have strict standards and are the only professionals accredited by the Canadian government to file and administer a consumer proposal or bankruptcy for you.
Your first consultation with a Licensed Insolvency Trustee is free of charge. Although the Trustee can help you with a consumer proposal or bankruptcy, these are not the only options they may explore with you. Other debt solutions the Trustee might suggest would be:
- Credit counselling, teaching how to budget, and other money management skills.
- Debt consolidation via a bank loan
There are pros and cons to each – for instance, bank loans are convenient but may have high interest, do not offer the legal protection included in a consumer proposal or bankruptcy, require 100% repayment of the original loan amount and may require significant assets to secure. A good credit rating is also required.
If you choose a Licensed Insolvency Trustee to help you file for bankruptcy or a consumer proposal, the Trustee’s government-regulated fees are rolled into the payments you make into the debt solution arrangement. You will never be charged any additional fees for the services of a Licensed Insolvency Trustee
Licensed Insolvency Trustees are rigorously trained for over three years and undergo an RCMP records check before they are licensed. There is no risk in having a free consultation with a LIT. Your meeting is confidential, and most people come away feeling their load lightened – they can see the road ahead.
Connect with a Licensed Insolvency Trustee in your area
You can consult with a Licensed Insolvency Trustee on the phone, via mail, or online. We are happy to help you reach a recommended LIT in your province/area. Contact us to get started on the road to a healthy financial future.
At Bromwich+Smith, Debt Relief Specialists are available by phone at 1.855.884.9243 or you can request a call back via the contact us page. There is no need to travel to a local office. Licensed Insolvency Trustee, Bromwich+Smith, is now offering video appointments, with all services available from the comfort of your home.