Updated: May 10, 2019
Many people who are having trouble solving their debt problems find it difficult to know where to turn.
Some may try to sort through their options alone because they are concerned that they cannot afford any added fees for service, while others sift through the varying options such as not for profit advice and paid debt counsellors. There are several reasons that a Licensed Insolvency Trustee (LIT) is always the best option for long term financial solutions.
1. Unlike many other services LIT’s are required to have a great deal of education in their field.
In order to receive this designation, candidates must meet very strict standards for accounting and legal skills. This ensures they have the knowledge and experience to offer sound advice. In fact, only LIT’s can process legal alternatives for individuals facing financial difficulties. Not for profit services and paid debt counsellors cannot provide the same solutions.
2. LIT’s are Federally Licensed. In order to administer files under the Bankruptcy and Insolvency Act (BIA), all LIT’s must have completed stringent requirements imposed by the Office of the Superintendent of Bankruptcy.
3. LIT’s can offer guidance on all available financial options. Not every client needs to declare bankruptcy, so it’s important to meet with someone who can evaluate your individual needs and provide you with reasonable options that you can live with. LIT’s are required, under the terms of the BIA, to conduct a thorough and complete assessment of your financial obligations – so you can feel confident in their ability to clearly outline the options available for your unique situation. Having personalized advice can help to accomplish your goals faster and avoids unnecessary steps along the way.
4. Working with a Licensed Insolvency Trustee can put an end to creditor harassment. LIT’s liaise with creditors and debtors to reach the best possible solution. Once proceedings have begun, clients are no longer hassled by their creditors and are able to take the time to regain their financial stability. Furthermore, once a Stay of Proceeding has been filed, no further wage garnishment or action can be taken against you.
5. Ongoing financial support is an excellent resource. Solving your immediate debt crisis is extremely important, but so is building a better strategy for your future. As a part of your debt solution process, your Licensed Insolvency Trustee will provide you with valuable skills and advice to help you manage your finances going forward.
If you are struggling under the weight of insurmountable debt, don’t hesitate to contact our experienced Licensed Insolvency Trustees for help. Visit us for a no obligation consultation to see how we can help you get back on track.