Commonly referred to as LITs, licensed insolvency trustees should be your first choice when seeking out help to overcome your debt. The role of these federally licensed experts is to provide financial advice and to administer bankruptcies and consumer proposals. They’re legally obligated to ensure that the debtor’s rights are protected throughout the process. Here’s more about why you can trust LITs to help you.


They Work for You

Licensed insolvency trustees aren’t employed by banks, collection agencies, or other creditors. 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 and that they haven’t been involved in disciplinary matters. Also, they’re required to be solvent and free of any conflicts of interest so that they can perform their duties objectively.


They’re Highly Trained

Most LITs have a background in accounting and a university degree, but they’re also required to complete an exhaustive three-year course in bankruptcy and law. Also, they have to complete mandatory professional development requirements, and obtaining their license requires demonstrating their trustworthiness.


Sometimes, Only a LIT Can Help

When filing for bankruptcy, working with a LIT is required by law. They’re there to help you navigate a complex process while ensuring your rights are protected. They’re also able to provide objective debt counseling and submit a consumer proposal on your behalf (an arrangement granting you immediate protection from creditors in exchange for partial payment of what you owe).


Remember that even non-profit debt counseling agencies are partially funded by creditors. If you’re in an awkward position, you’ll need to get the best advice possible. Unlicensed debt consultants may be incentivized to dissuade you from filing for bankruptcy, even if it’s the best option. In contrast, you can trust a LIT to provide you with unbiased advice.


Get the Assistance You Need

To find out whether you need to submit a consumer proposal or file for bankruptcy, seek the services of a licensed insolvency trustee from Fox-Miles & Associates Inc. We have service Edmonton, Sherwood Park, and surrounding areas. Contact us today to set up a free consultation.