Why You Can Trust a Licensed Insolvency Trustee
Here’s more about why you can trust LITs to help you.
They Work for You
Banks, collection agencies, or other creditors do not employ LITs. Their job isn’t to ensure that your creditors get their money back. It’s to help you get out of debt in a way that respects the rights of everyone involved, especially yours. Also, the Office of the Superintendent of Bankruptcy (OSB) strictly regulates their fees, which means they’ll almost always be more affordable than unlicensed debt consultants.
The Profession is Closely Regulated
The OSB requires that LITs are of good character and reputation. In practice, this means that they must be in good standing with the relevant professional associations and regulatory agencies. It also means they’re not involved in disciplinary matters. Additionally, they must also be solvent and free of any conflicts of interest to perform their duties objectively.
They’re Highly Trained
Most LITs have a background in accounting and a university degree. But did you know they must also complete an exhaustive three-year course in bankruptcy and law? Also, they have to complete mandatory professional development requirements and obtain their license, which requires demonstrating their trustworthiness.