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The Licensed Insolvency Trustee : What you Should Know

“Nobody can go back and start a new beginning, but anyone can start today and make a new ending.” Maria Robinson

In Canada, you are legally required to use the services of a Licensed Insolvency Trustee (LIT) to file for bankruptcy or a consumer proposal. Licensed Insolvency Trustees are licensed by the Superintendent of Bankruptcy, an agency empowered by and reporting to the federal government’s Industry Canada.

Licensed Insolvency Trustees give debtors advice and information on both consumer proposals and bankruptcy and it is their responsibility to see that the creditors and the debtor’s rights are upheld and that all parties follow the laws and rules that pertain to bankruptcy or consumer proposals. They may also be required to hold in trust and then distribute to creditors the funds and property involved in a debtor’s bankruptcy or consumer proposal.

The licensed insolvency trustee is required to arrange a minimum of two financial counselling sessions during the process of the bankruptcy. Licensed Insolvency Trustees are Professional Debt Consultants whose knowledge of money management and the resources available to debtors in trouble can be used to improve your financial situation and long-term outlook. A Licensed Insolvency Trustee’s assessment may show that, with a few changes, you can avoid bankruptcy.

The Licensed Insolvency Trustee is also responsible for calling creditor meetings and sending all notices and documents according to the rules set out by law.

If your situation is such that independent legal advice is necessary, your Licensed Insolvency Trustee can provide you with the names of lawyers who specialize in insolvency


IN THIS SECTION

  • Choosing a Licensed Insolvency Trustee
  • Important Questions to Ask your Licensed Insolvency Trustee
  • Does the Licensed Insolvency Trustee Work for Me?
  • Will I Have to Pay the Licensed Insolvency Trustee?
  • Professional Standards for Licensed Insolvency Trustees

Bankruptcy Resources

  • Bankruptcy in Canada – FAQ
  • Personal Bankruptcy, the Basics
  • Bankruptcy – Does it Make Sense for My Situation
  • What is Bankruptcy in Canada?
  • Avoiding Bankruptcy
  • Consumer Proposals
  • The Licensed Insolvency Trustee : What you Should Know
  • Debts During & After Bankruptcy or Consumer Proposals
  • Keeping Assets During Bankruptcy
  • After Bankruptcy: Rebuilding Your Credit
  • After Bankruptcy: The 3 Steps to Financial Fitness

Licensed Insolvency Trustee Ottawa

Providing solutions for money problems, debt counselling, debt consolidation, tax issues, credit counselling, student loan relief, consumer proposal in Ottawa, Kanata, Nepean, Orleans, Carleton Place, Rockland, Brockville, Cornwall and more.
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Ottawa Licensed Insolvency Trustee - solutions for money problems, debt counselling, debt consolidation, credit counselling, student loan relief, consumer proposal in Ottawa, Kanata, Nepean, Orleans, Carleton Place, Rockland, Brockville, Cornwall and more.