Reasons Why You Need a Licensed Insolvency Trustee
It’s no secret that the economic downturn has been hard on many individuals and businesses in Alberta. When you are faced with the prospect of insolvency the most important thing is that you take the right steps to protect your assets, and income and secure your financial future without carrying the overburdening debt. A licensed insolvency trustee can help you do just that!
What is a Licensed Insolvency Trustee?
A Licensed Insolvency Trustee (LIT) is the only insolvency professional who has been licensed by the Office of the Superintendent of Bankruptcy Canada to file an individual’s bankruptcy or consumer proposal under the Bankruptcy and Insolvency Act.
They assist people in financial distress to navigate the legal process of filing for bankruptcy or a consumer proposal, assist in the preparation of the various filing documents, deal directly with your creditors and administer your insolvency Estate.
Meeting with an LIT for your consultation to review your specific circumstances and all of the options for dealing with those debts is free, whether or not you decide to proceed with a formal filing of a bankruptcy or a consumer proposal.
An LIT will work with you to determine if bankruptcy is the best option for you or whether or not you are able to work out a repayment plan with your creditors instead of filing for bankruptcy. Under a consumer proposal, an offer of settlement is made to the creditors at less than full value of your debt.
The benefits of dealing with an LIT include:
No upfront financial cost to you for the consultation to review your circumstances and develop a plan to resolve your debt issues.
By filing a bankruptcy or consumer proposal though a LIT, there is an automatic stay of proceedings put in place that prohibits any creditor from commencing or continuing any action to collect their debt.
The fees of the LIT in both a summary administration bankruptcy or consumer proposal are fixed by way of a regulated tariff established under the Bankruptcy and Insolvency Act and are paid out of the funds in the Estate.
If you’re going through a financial crisis, you may need assistance in finding the right solution for you. You deserve the services of a licensed insolvency trustee who can walk you through every step of the process.
For your free consultation with our LIT, please call 403-836-6690 or visit our website at www.correctthedebts.com.