When you fall on rough financial times, it’s hard to know what to do. With so many complicated terms and options ahead of you, things can get stressful. Many people assume that Bankruptcy is their only option because it’s the phrase most commonly thrown around in the news. However, did you know that more and more people are opting to file Consumer Proposals instead of declaring Bankruptcy?

A Consumer Proposal is a process where a Licensed Insolvency Trustee develops an offer on your behalf to repay your creditors a portion of your debt, without further interest, and be relieved of the rest. It is similar to a consolidation loan, but with no interest charges. It’s often a preferred option to Bankruptcy as you can keep your assets and experience a more favourable credit rating. If you are feeling overwhelmed with debt and want to explore your options, your first step should be to seek the help of a Licensed Insolvency Trustee (LIT).

What Exactly is a Licensed Insolvency Trustee?

Formerly known as Bankruptcy Trustees, a Licensed Insolvency Trustee (LIT) is a professional who undertakes rigorous training and education, and is licensed by the Federal Government. They are qualified to provide debt restructuring services, including Consumer Proposals and Bankruptcies, while also managing assets held in trust.

How Can a Licensed Insolvency Trustee Help?

Your Licensed Insolvency Trustee will review your personal financial situation and advise you on the best solution to resolve your debt, whether it be a Consumer Proposal, Bankruptcy, debt consolidation, credit counselling, or maybe just better budgeting.

They will help you complete the necessary paperwork, negotiate with creditors on your behalf, provide mandatory counselling sessions (as required for Consumer Proposals or Bankruptcies), and lead you through the debt restructuring process from beginning to end.

Next Steps

It’s time to regain control of your life and eliminate debt for good. Reach out to a Licensed Insolvency Trustee to explore your options.

Since 1990, our Toronto-based team of experienced Licensed Insolvency Trustees have worked with thousands of clients to help resolve their personal debt issues. Call now to book your free consultation, and get a fresh start today.