If you are in financial trouble and struggling to make meaningful payments on your debts, you might consider consulting with a Licensed Insolvency Trustee. A Licensed Insolvency Trustee can provide you with a summary of your options, including debt consolidation and credit counselling. While they won’t offer you a loan, they can discuss and design a plan to consolidate your debt into one easy monthly payment, known as a Consumer Proposal. If need be, a Licensed Insolvency Trustee can discuss the option of bankruptcy, and explain to you the impact on your assets and income, given your personal situation.
If you are looking for a Licensed Insolvency Trustee, you might begin with a Google search to find a Trustee licensed to conduct business in your area. Due to the increasing ability of Trustees to work remotely, you may find a Trustee advertising in your area that resides in a different province. Trustees are licensed to work in all parts of Canada, and in order to reduce costs, many do so remotely. So you can rest assured that even if the Trustee you choose doesn’t live in your locale, they are familiar with your province or territory, and with the rules applicable to you. In fact, you may prefer to meet with a Licensed Insolvency Trustee virtually – remote access can provide greater flexibility with your schedule, and you can meet with the Trustee from your preferred location, be it home, work, or any place you like. It is important if you are conducting a Google search to carefully review the Trustee’s website, and their social media presence, including LinkedIn, Facebook, and Instagram. Determine if this is the type of Trustee you’d like to work with, based on their approach to educating consumers. Don’t let a lack of Google Reviews deter you – in the Licensed Insolvency Trustee world, the happiest customers are those where no one knows that they ever had to file with a Trustee, and therefore an absence of negative reviews for a well-established Trustee should speak as loudly as several good reviews.
Last, you may choose to refer to the Industry Association for Licensed Insolvency Trustees, which is the Canadian Association of Insolvency and Restructuring Professionals (CAIRP), located here: https://cairp.ca/In_Financial_Distress.html. CAIRP provides you with a “Trustee Lookup” tool to determine which Trustees practice in your area. Again, many Trustees are providing services remotely, so if you aren’t close to a major centre, you may still choose to contact a Trustee as they can likely meet with you remotely, on your schedule. Licensed Insolvency Trustees listed on CAIRP’s page also have their Chartered Insolvency Restructuring Professional (CIRP) designation and are members of CAIRP. Licensed Insolvency Trustees with the CIRP designation make up the majority of Licensed Insolvency Trustees in Canada.
Finding a Trustee in Canada isn’t too complex, provided you know where to look. Just as lawyers and accountants have assistants, Licensed Insolvency Trustees also have help to manage the large volume of individuals they assist. Many Trustees employ Estate Administrators, or Insolvency Managers, who are specially trained to assist people in debt find relief. Many Estate Administrators have taken CAIRP’s Insolvency Administration Course, and often have several years of industry experience. Licensed Insolvency Trustees entrust these individuals to gather the details of a person’s situation, thoroughly explain the options available, discuss the impact of different options on your credit, and provide answers to any questions. You may find that when you reach out to a Trustee, you first meet with an Insolvency Administrator or Estate Manager.
Once you’ve found a Trustee firm, it’s important to make sure you connect with them individually, as they will be handling your insolvency file. Pay attention to how quickly they respond to your inquiries, how accessible the staff is by phone, and even if there are small perks like being able to text your Trustee. Each office provides services differently, and you need to find the one that works for you. Don’t hesitate to contact a few different Trustees until you find the one you find to be the best fit.
If you are struggling with debt, reach out. Let us guide you out of debt and back into control.