Licensed Insolvency Trustees are debt professionals. They all hold a university degree, usually in accounting or some other form of financial training. Their accounting acumen allows them to develop debt management strategies that are customized based on each individual’s financial circumstances and goals.
Some of the services you can expect when you meet with a licensed insolvency trustee in Scarborough may include:
Consultation
The initial consultation is the very first meeting with the LIT. This is always offered for free. The trustee will sit down with you to review your financial situation. During the process, expect him to ask for financial details and other personal questions to help him assess the circumstances that led to your debt problems. Trustees also offer consultation services on an ongoing basis at affordable rates for debtors who choose to manage their debts on their own but may need some legal advice from time to time to help them make informed decisions about their rights when dealing with their creditors themselves.
Debt relief services
Licensed insolvency trustees are the only professionals who are licensed by the federal government to provide comprehensive debt information about different debt relief programs available to consumers. They can do so much more than handle consumer proposals and personal bankruptcies. After they go through a review of your debt situation, they are legally obligated to properly advise you about all the informal and formal options for debt relief that you can avail of, which will include the following:
- Credit counseling
- Debt management programs
- Debt consolidation plans
- Debt settlement
- Consumer proposal
- Bankruptcy
After explaining the advantages and disadvantages of each of these options, they will help narrow down your choices and guide you in choosing the most effective debt solution for your specific circumstances.
If you choose to go through credit counseling, debt management, debt consolidation, or a debt settlement program as the best method to deal with your debt, the trustee can refer you directly to reputable third party individuals or agencies that are in their network.
Consumer proposal administrator
If the trustee recommends that you file a consumer proposal instead of filing for bankruptcy, he can act as your Consumer Proposal Administrator and will deal with your creditors on your behalf and guide you through every step of the process.
His services as a Consumer Proposal Administrator will include:
- Negotiating with your creditors to lower your total debt amount and extend payment terms
- Creating a proposal that is both fair to you and your creditors so that it has the best chance of
- Ensure that you make payments on schedule to keep with the contract agreement with your creditors
Bankruptcy services
If the trustee deems that filing for bankruptcy is absolutely necessary, he will proceed to file your bankruptcy and guide you through the entire process to make sure that your rights are upheld.
His services as a Licensed Insolvency Trustee in your bankruptcy case will include:
- Make sure that the Stay of Proceedings is automatically carried out once your bankruptcy papers are filed to provide you with legal protection against creditor harassments, wage garnishments and lawsuits
- Stay in contact with your creditors throughout the negotiations for your proposal and settlement of claims
- File any outstanding tax returns that you might have
- Make sure that you attend regular credit counselling sessions and complete all duties required of you in your bankruptcy
- Apply for your discharge after 9 month
Residents of Scarborough, Toronto looking for debt advice should go directly to a licensed insolvency trustee in Scarborough for help with debt problems. There is no need to go to anyone else. A LIT is licensed by the federal government, the most highly educated debt adviser you can talk to, and the only person qualified to properly advise you of all your options to help you eliminate debt.
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