When Should I Consider Contacting a Licensed Insolvency Trustee?

Jan 17, 2022 | Consumer Proposal

Written by Crystal

Written by Crystal

It seems that everywhere you turn, people are struggling financially. With the rising cost of everything from gas to groceries, it’s no surprise that the average Canadian is ending the month with less cash, and sometimes just a bit further behind. There’s no doubt that our lives have enough going on that we don’t need the added burden of insurmountable debt. Thankfully, there is a solution. Canadians don’t need to stare at the growing pile of bills in increasing amounts of despair. There are people who can help. People who are trained to deal with exactly the type of trouble you may be facing.

If you are looking at your expenses with increasing dismay, and feel you will never be able to pay off what you owe, it may be time to contact a Licensed Insolvency Trustee.

So, what is a Licensed Insolvency Trustee?

When you are finding yourself struggling with debts, there are many paths you may take in an attempt to resolve these issues. From borrowing from friends and family to dealing directly with creditors on your own, or taking out a debt consolidation loan, there are many decisions to be made. Although there is a seemingly unlimited amount of financial experts who can give guidance regarding debts and finances, a Licensed Insolvency Trustee is the only person who can legally advise you regarding a couple of your options.

After undergoing extensive and in-depth training, a Licensed Insolvency Trustee is then qualified to provide unique and specific advice regarding your individual situation. All of a LIT’s activities – from business practices to the amount they can charge for their services – are regulated by the federal government, giving you the peace of mind that you will receive fair and impartial treatment while in their care.

Consumer proposals and bankruptcies are some of the only courses of action that are able to reduce the number of debts you will need to repay, sometimes to a minimal portion of the original amount. As the average debt consultant is not qualified to deal with either of these processes, it is a good idea to inquire as to a person’s certifications before you enter into business with other professionals. Many times, after looking into options and working with debt consultants, you will find yourself paying their bill, and then being referred to a Licensed Insolvency Trustee in order to explore consumer proposals or bankruptcy. For this reason, you may be able to save yourself valuable time and money by first approaching a Licensed Insolvency Trustee to address your concerns.

Yes, there are pros and cons to both bankruptcies and consumer proposals, but one thing is sure, you will enjoy the feeling of relief you’ll experience when you finally receive professional help with these difficult decisions.

Another huge benefit to working with a Licensed Insolvency Trustee is that as soon as your entry into an agreement with them, they will put a halt to all of the collections activity you may be experiencing. No more calls, letters, or wage garnishments! They will then work directly with your creditors to create a plan of action that is fair and equitable for all parties involved. From beginning to end, assessment to a recommendation to finished product, a LIT will be there for your support and guidance.

This may raise the question, who should consider contacting a LIT?

There is no limitation on who should seek out the help of a Licensed Insolvency Trustee. If you’ve found yourself repeatedly late on bills, unable to make payments on loans, or feel that you’ll never be able to pay the amount of money you owe, you should strongly consider contacting a LIT to go over your options. Although it may seem easier at first to just push on and keep trying on your own, it’s true that if nothing changes…nothing changes! Things can’t get better if you don’t try something different. With this in mind, it is usually better to schedule a consultation sooner, rather than waiting until things get worse.

After all, it never hurts to ask!

You’ve done some careful consideration, and you’ve decided to request the services of a Licensed Insolvency Trustee. What are some other things to look for while deciding who you should talk to?

As we previously mentioned, all LITs answer to the federal government and are monitored closely to ensure their legal and professional standards are followed appropriately. But, when you find yourself in financial difficulties, it’s also important to work with people who are sympathetic, personable, and nonjudgmental. The emotional strain of struggling financially doesn’t need to be exacerbated by a financial expert who’s not trying to make your journey with them as stress-free as possible. This is why, at C. Buhler and Associates, we believe in not only providing you with the professional assistance you need to help you through your hard times, we also pride ourselves in providing service that makes our customers feel welcomed and understood.

Our Licensed Insolvency Trustees are only a call away!

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