Why a licensed insolvency trustee?

Thursday, April 5, 2018 - 01:39

Consumer Proposals, Bankruptcy


If you’re drowning in debt, you have enough stress in your life. You shouldn’t have to worry about whether or not you can trust someone to help you. The good news is, if you meet with a licensed insolvency trustees, you will not be “scammed”. Licensed insolvency trustees are the only trained professionals who are licensed to provide the full range of insolvency services in Canada. This training and experience will ensure that you obtain the information you need to understand your options and to solve your financial difficulties.

Qualified
It is very important to ensure that you get financial advice and services from a qualified professional. When you choose a licensed insolvency trustee, you can be confident that you are dealing with someone who has demonstrated they have the knowledge, experience and skills to be granted a license from the Office of the Superintendent of Bankruptcy (OSB). 

Federally regulated
LITs are subject to ongoing oversight by the OSB and must adhere to federal standards of practice, including the Code of Ethics for Trustees.

If you have a difficulty with an LIT that you cannot resolve, you may file a complaint with the OSB and be assured that your complaint will be reviewed and assessed.

Fee is regulated
The fees charged by a licensed insolvency trustee for consumer insolvencies are regulated by the federal government. On top of that, for the most part, your initial consultation is free (at Welker & Associates it definitely is).

Deal with Creditors
Once a proposal or personal bankruptcy is filed, the licensed insolvency trustee will deal directly with creditors on your behalf. In addition, unsecured creditors cannot continue or initiate any collection action or legal proceeding against you.

The bottom line is, if you meet with a licensed insolvency trustee, you know what you will get and it will be consistent throughout the industry. Other routes aren’t regulated and you may find yourself getting further into debt or you may end up having to pay more for the same services that a licensed insolvency trustee can provide you in the first place.