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Monday, January 27, 2020 - 17:28

Bankruptcy


When you're drowning in debt, a Licensed Insolvency Trustee (commonly referred to as LIT), should be your first choice when seeking out help. The role of these federally licensed experts is to provide financial advice and to administer bankruptcies and consumer proposals. LITs are legally obligated to ensure that the debtor’s rights are protected throughout the process.

LITs Work For You
Licensed Insolvency Trustees aren’t employed by banks, collection agencies or other creditors and their job isn’t to ensure that your creditors get their money back. Their job is to help you get out of debt in a way that respects the rights of everyone involved, especially yours. In addition, the Office of the Superintendent of Bankruptcy (OSB) closely regulates their fees, which means they’ll almost always be more affordable than unlicensed debt consultants (see a previous post on Debt Consultants).

Closely Regulated
The OSB requires that LITs are of good character and reputation. In practice, this means that they must be in good standing with the relevant professional associations and regulatory agencies and that they haven’t been involved in disciplinary matters. In addition, they’re required to be solvent and free of any conflicts of interest so that they can perform their duties objectively. 

Highly Trained
Most LITs have a background in accounting and a university degree, but they’re also required to complete an exhaustive three-year course in bankruptcy and law. In addition, they have to complete mandatory professional development requirements and obtaining their licence requires demonstrating their trustworthiness. 

Sometimes, Only an LIT Can Help
If you want to file bankruptcy, working with an LIT is required by law. They’re there to help you navigate a complex process while ensuring your rights are protected. They’re also able to provide objective debt counselling and submit a consumer proposal on your behalf.

Get the Assistance You Need
At Welker & Associates, we offer free, no-obligation initial consultations. Therefore, you can come to the office where we will discuss your concerns and provide solutions. If you feel that you want to take another route, you are free to do that as well. And we won't charge you for our advice. If you're looking to book a consultation today, call 1-800-332-8093. We're here to help!

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