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Why use a Licensed Insolvency Trustee

July 21, 2016

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In December 2015, the Superintendent of Bankruptcy announced a change to the designations of insolvency professionals across Canada, from Trustees in Bankruptcy to Licensed Insolvency Trustees. Despite the change of name, a Licensed Insolvency Trustee can still provide the same legally binding debt solutions that a Trustee in Bankruptcy could, but reflects the breadth of services we can provide in a much clearer way. It also helps the public understand that we are licensed to provide debt relief options. Bankruptcy is not necessarily the only option available to people who are struggling with their debt repayment.

Meeting with Licensed Insolvency Trustee

Consumer Proposal – An alternative to bankruptcy

A Licensed Insolvency Trustee is the only professional who can provide legal debt relief options that can freeze interest, stop garnishments and end creditor phone calls. One debt relief option that may be the right solution for you is a consumer proposal. Almost half of people choose to file a consumer proposal to deal with their debt and obtain financial relief.

Simply put, a consumer proposal is a repayment plan that allows you to keep your assets and repay your creditors only a portion of what you owe them over time. The monthly payments are based on your ability to pay and your cash flow, which ensures that you can get out of debt in a reasonable period of time while still paying your day-to-day expenses.

As everyone’s situation is unique, our qualified professionals will sit down with you for a free no-obligation consultation and explain all the debt solution options that are available to you, and will help to put together a plan for your future. Making a decision to manage your debt and gain control of your finances is not one to be taken lightly, and we want to ensure you are well-informed before making that decision.

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