Learn about Debt, Bankruptcy and other Debt management solutions
Watch our videos about credit score, declaring bankruptcy, consumer proposals, and what is a Licensed Insolvency Trustee
What is a Licensed Insolvency Trustee (LIT) – What do they do?
I’m Crystal Buhler, Licensed Insolvency Trustee with C. Buhler & Associates Ltd. I often get asked “What is a Licensed Insolvency Trustee?” You might also see the abbreviation “LIT”, and wonder what that stands for.[ …. ]
What is a credit rating and does filing bankruptcy affect your credit?
I’m Crystal Buhler, Licensed Insolvency Trustee with C. Buhler & Associates Ltd. One of the most common questions we hear when people are considering a bankruptcy or Consumer Proposal is “how will this affect my credit report?” [ …. ]
What is a Consumer Proposal, and how does it work?
My name is Crystal Buhler, and I’m a Licensed Insolvency Trustee with C. Buhler & Associates Ltd. You may have heard about Consumer Proposals, but aren’t quite sure what they are, or how they work. [ …. ]
How to declare bankruptcy and why a fresh start is sometimes your best option.
No-one wants to go bankrupt, but sometimes declaring bankruptcy is the best way to deal with debt and get debt relief. We understand that life often throws you a curve ball. [ …. ]
Frequently Asked Questions
WHAT IS A LICENSED INSOLVENCY TRUSTEE (LIT) AND HOW CAN THEY HELP ME?
Formerly called a “Trustee in Bankruptcy”, a Licensed Insolvency Trustee (LIT) can help individuals in financial crisis. Government Licensed, extensively trained, and highly experienced, LIT’s are the go-to professional for those who need to understand their options and deal with their debt. A LIT will outline your options and the potential impact of the choices you make. Your consultation with our LIT is FREE. LITs are the only professionals who are legally able to file a bankruptcy or proposal to your creditors (Consumer Proposal) if you decide to do so.
I DON’T WANT TO FILE BANKRUPTCY, WHY SHOULD I TALK TO YOU?
A better question might be why shouldn’t you? Discussing your situation with a Licensed Insolvency Trustee (LIT) does not damage your credit or reflect negatively on you. It shows you are trying to make an informed decision. We will never try to ‘sell’ you a bankruptcy. It is our goal to explain to you ALL of your options – where else can you get a free consultation and speak to a professional who understands exactly what you are going through? Call, email, or message us today!
I DON’T WANT TO LOSE MY HOME BUT I HAVE TOO MUCH DEBT. ARE THERE OTHER OPTIONS?
That’s why we’re here – to discuss options. Federal, Provincial, and Territorial law determine what a person can ‘keep’ and what must be included in a bankruptcy, and a Licensed Insolvency Trustee (LIT) can tell you how it applies to your unique situation. You may find that after discussing your concerns with us, you are surprised at what is, or is not, affected. Rather than guessing, call us to discuss your personal situation. Never assume that what happened to your friend or neighbor is what would happen to you – go straight to the source and get advice from a professional!
What does a bankruptcy do to my credit score?
This is a very common question and an important one to ask. Both bankruptcy and a consumer proposal will be reflected in your credit score. Often, we find that by the time we see people their credit score has already been damaged and they are hesitant to make it any worse. Did you know that even missing a payment can be reflected on your credit report for up to six years? A bankruptcy will show on your credit report for 6 years after the date the bankruptcy ends (a discharge). A consumer proposal will show up for the shorter of 6 years from the date of starting (filing) the proposal or 3 years after the last payment is made. So, if a proposal is paid off in 1 year, it would show on the report for 4 years in total, which could be shorter than your missed payment.
DO YOU OFFER FINANCIAL COUNSELLING?
Of course! Licensed Insolvency Trustees (LITs) are trained to offer financial counseling as part of their extensive education program. Those who choose bankruptcy or a proposal are required to complete two counseling sessions, however, we can provide financial counseling sessions or financial literacy seminars for those who have not filed. Call, email, or message us today to discuss booking a session!