INSOLVENCY TRUSTEE IN EDMONTON
An individual or business is insolvent when it can no longer pay its debts or financial obligations on time. Suppose you are facing a financial situation where you or your company can longer fulfill your financial obligations. In that case, it is time to schedule a consultation with an Insolvency Trustee in Edmonton. The Licensed Insolvency Trustees at Fox-Miles & Associates have the expertise to help you through your financial difficulties. They will work closely with you to guide you on managing your debts best moving forward. Speaking with an Insolvency Trustee is the best way to secure a comfortable, stress-free financial future for yourself.
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EDMONTON INSOLVENCY TRUSTEE
WHAT DOES A LICENSED INSOLVENCY TRUSTEE DO FOR YOU?
- Formerly known as a Trustee in Bankruptcy. Must be licensed by the Superintendent of Bankruptcy.
- Court officer that oversees insolvency proceedings.
- Ensures your rights and your creditor’s rights are maintained during the bankruptcy proceedings.
- Reports to the Court.
- Office of the Superintendent of Bankruptcy, Government of Canada, is the regulator and holds Trustee licenses.
- Often LITs are members of the Canadian Association of Insolvency and Restructuring Professions, which is a national association. This LIT is a member.
- Abide by a strict code of conduct to explain all your debt-relief options.
- Licensed and have their fees regulated by the Federal Government.
- The only professionals authorized to administer government-regulated insolvency proceedings.
- They are highly trained and educated.
- A LIT must always act honestly and fairly to protect the rights of both debtors and creditors throughout the insolvency process.
- A LIT administers federally-regulated insolvency proceedings, such as consumer proposals and bankruptcies.
- A LIT is responsible for providing or providing for insolvency counselling. Insolvency counselling is solely for the benefit of you, the debtor.
GOVERNMENT-REGULATED INSOLVENCY OPTIONS
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 is free with a Fox-Miles & Associates Insolvency Trustee. Each additional in-person counselling session costs $85. This service is federally regulated, so 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 yearly bankruptcy or a consumer proposal. 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 in-person sessions with your BIA Insolvency Counsellor. The program is part of the federally regulated insolvency proceedings. It aims to provide tools and knowledge to help you move beyond and 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.