Costs of Using a Licensed Insolvency Trustee

_{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

Reaching a Licensed Insolvency Trustee for a free consultation

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.