For you to become discharged from debt, you must complete government-regulated insolvency proceedings. The only person authorized to administer insolvency proceedings is a Licensed Insolvency Trustee (LIT). It is against the law for anyone else to represent themselves as a LIT.
Bankruptcy & Insolvency Counsellors
Licensed Insolvency Trustees are not allowed to register someone as a BIA (Bankruptcy & Insolvent Act) counsellor if that individual is involved in activities that could harm debtors. Additionally, a counsellor cannot be registered if they act as a go-between with debtors and LITs in exchange for payment or consideration from debtors.
Insolvency Trustee Fees
The first debt or bankruptcy counselling session with a Fox-Miles & Associates Insolvency Trustee is free. Each additional in-person counselling session costs $85. This service is federally regulated, which means you cannot get charged more. A counsellor cannot receive any other payment from an insolvent debtor, before, during or after counselling.
If you have filed for bankruptcy or made a consumer proposal under the Bankruptcy & Insolvency Act, it is essential to remember that insolvency does not define you. There is no shame in taking advantage of the BIA to resolve financial difficulties. Many Canadians are living paycheque to paycheque, and over 100,000 people file a bankruptcy or a consumer proposal every year. The BIA is designed to promote a fresh start for those going through the insolvency process and help prevent reoccurrence.
The Insolvency Counselling Program consists of four online modules. These modules will help you prepare for your two in-person sessions with your BIA Insolvency Counsellor. The program is part of the federally regulated insolvency proceedings. It aims to provide you with the right tools and knowledge to help you move beyond your insolvency.
The program will help you take control of your money and plan for a more financially secure future. Licensed Insolvency Trustees will provide you with an opportunity for a fresh financial start! Contact our team today.