Why Should You Trust a Personal Licensed Insolvency Trustee Toronto

If you are behind on payments for your credit card, loans and other debts and you’ve decided 
to face your financial situation head on, the first step is to find the best options available to deal 
with all of your debts. A personal licensed insolvency trustee Toronto can help you find a debt 
solution that is right for your unique situation to help you get out of debt and get your finances 
back on track.

Carrying too much debt is in itself a heavy burden. The harassing phone calls, the past due 
notices can lead to anxiety and debt stress. It can be more exhausting if you try to navigate 
through the process of finding a solution all by yourself. With all the companies offering 
different kinds of debt management solutions out there, it's difficult to know who to trust or 
where to turn.

Your safest approach is to seek sound advice from a Licensed Insolvency Trustee (LIT). In 
Canada, trustees are licensed and regulated by the Office of the Superintendent of Bankruptcy 
(OSB). This is what sets them apart from other debt management consultants who are 
governed by limited provincial regulations. Being regulated by the federal government, licensed 
insolvency trustees are held to a much higher standard of quality, accountability and regulation.

Fair and just

Trustees follow a strict code of conduct for professionalism, judgment and work ethic. As such 
when they provide their services, they must adhere to provincial and federal insolvency laws and 
ensure that both debtors and creditors are treated fairly and reasonably and whatever solution 
they come up for a particular debt situation is made without bias or favoritism.

Highly trained and qualified

Trustees are the only debt professionals authorized to administer government-regulated 
insolvency proceedings such as a consumer proposal or a personal bankruptcy. For this, 
trustees must obtain exceptional training, go through a rigid process for licensing and must 
pursue continuing education. Most have a university education and are active CPA’s. To qualify 
for a license, they complete a three year bankruptcy law course, work in a trustee office to gain 
experience, go through an oral board exam and are investigated by the RCMP for good character 
and reputation. Ongoing education is mandatory for them to be able to keep up to date with 
changes in the law.

Compassionate and generous

Licensed Insolvency Trustees are required by the Bankruptcy and Insolvency Act of Canada to 
give you all the information you need to help you make the best decision for your own unique 
financial circumstances. Thus, they provide a free and confidential consultation to all individuals 
who come to them for help during which they assess the debt situation and provide independent 
and impartial advice on all possible options. Other debt consultants can offer guidance and 
support on informal debt solutions, but only a Licensed Insolvency Trustee can provide 
comprehensive information on all debt relief services, including the informal and formal ones. 
They will explain each solution thoroughly, pointing out important details on why one solution is 
better than the other. If a consumer proposal or bankruptcy is your best option, they can 
administer the whole process for you from beginning to end. If you need a less drastic solution, 
they can help you find a reputable credit counselor or financial advisor who can give you the help 
you need.

If there’s only one debt professional you can trust in this treacherous debt market filled with 
countless organizations promising to get you out of debt for good, you must only trust a  
personal licensed insolvency trustee Toronto and no other. You can definitely trust their expertise, 
reputation and ability to help you find a solution that can lead you to a debt free life.