What are Licensed Insolvency Trustees?

Wednesday, March 8, 2017 - 20:35

Consumer Proposals, Bankruptcy


Licensed Insolvency Trustees (LITs) are federally regulated professionals who provide advice and services to individuals and businesses with debt problems. LITs help people make informed choices to deal with their financial difficulties.

If you’re in debt, LITs can provide a full range of options. LITs are the only professionals authorized to administer government-regulated insolvency proceedings that allow you to be discharged from your debt, such as consumer proposals and bankruptcies. Every situation is different so not every situation should require the same solution. LITs review your situation and help you come up with the solution that best suits you. For debtors who are in significant financial difficulty, either filing bankruptcy or making a consumer proposal are most likely the best solution. If that’s what is decided upon, an LIT can start the process immediately. LITs deal directly with the creditors on behalf of the debtors. Once it’s started, clients often times give a sigh of relief. They can now breathe knowing that they don’t have to worry about collection calls anymore.

It is very important to ensure that you get financial advice and services from a qualified professional. When you choose an LIT, you can be confident that you are dealing with someone who has demonstrated they have the knowledge, experience and skills to be granted a licence from the Office of the Superintendent of Bankruptcy (OSB). The fees charged by an LIT for consumer insolvencies are regulated by the federal government.

At Welker & Associates, your initial consultation is free, with no obligations. If you are searching for a way to get out of debt, contact us today.