Also known as LITs, licensed insolvency trustees are your best option if you need help getting out of debt.
Amongst their many debt management services, their exclusive role is to manage consumer proposals and bankruptcy proceedings on behalf of the debtor. Here’s what you should know about LITs and why you can trust them. They’re Highly Trained Professionals Almost all LITs are accountants who hold a university degree and who complete a rigorous three-year bankruptcy and law course. Among debt consultants, LITs not only stand out as the most highly trained and educated, they’re also subject to mandatory professional development and must demonstrate their trustworthiness before they receive their license. Not Everybody Can Become a LIT The Office of the Superintendent of Bankruptcy (OSB) specifies that LITs must be of good character and reputation. This requires them to be in good standing with any professional associations they’re members of. In addition, they must be solvent and not subject to conflicts of interest when it comes to performing their duties, which include ensuring that the debtor’s rights are respected when administering a proposal or filing for bankruptcy. Licensed Insolvency Trustees Only Work for YOU Trustees don’t work for banks or collection agencies. Their job is to help you figure out how to get out of debt in a way that respects your rights and those of your creditors. It’s important to know that the OSB closely regulates their fees. In practice, this means they’ll almost always be more affordable than other debt consultants, who often just end up charging you a hefty fee to refer you to a licensed insolvency trustee. What can LITs do for you? The law requires you to work with a licensed insolvency trustee when filing for bankruptcy. LITs are there to help you navigate the process and ensure your rights are protected. In addition, they can provide debt counselling and are the only debt consultants who can submit a consumer proposal on your behalf. A consumer proposal is an arrangement that gives you immediate protection from your creditors in exchange for partial payment of your debt. These arrangements are a good alternative to bankruptcy, but they have to be be negotiated by a licensed insolvency trustee. Get the debt help you need in Eastern Ontario! If you’re struggling to keep up with your debts, your first step should be to consult a licensed insolvency trustee at D. & A. MacLeod Company. The first consultation is always free. Call us today to set up an appointment and start making your way back to financial freedom. We have locations all across Eastern Ontario, including Ottawa, Smith Falls, Kanata, Pembroke and Brockville.