There are many companies out there that offer credit counselling and/or debt consolidation services. However, only a Licensed Insolvency Trustee can provide all these services, as well as administer a consumer proposal or bankruptcy.
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A Licensed Insolvency Trustee (LIT) is a highly trained and educated professional whose primary role is to ensure that your and your creditors’ rights are maintained throughout the bankruptcy or consumer proposal process.
In Canada, a Licensed Insolvency Trustee is licensed and regulated by the federal government and will work with you to help determine the best debt relief option for your situation.
Licensed Insolvency Trustees must abide by a strict code of ethics and conduct. They are required to explain all of your debt-relief options and help you choose the best option for your situation. Other unlicensed debt consultants are not required to abide by these same regulations.
Bankruptcy Trustees and Licensed Insolvency Trustees are both commonly used terms to describe a licensed debt professional. However, late in 2015 the Office of the Superintendent of Bankruptcy (OSB) announced that a new title, Licensed Insolvency Trustee (LIT), would replace the Bankruptcy Trustee title in the context of consumer insolvencies.
The name was changed by the OSB in order to better protect against the misuse of the title designation, especially by unlicensed providers. Using the term “licensed” more accurately defines the position, given the amount of education and training as well as the strict code of ethics and rules of professional conduct.
Finally, replacing the term “bankruptcy” with “insolvency” is more inclusive, indicating to consumers that Trustees offer more than just bankruptcy services. Licensed Trustees also administer Consumer Proposals, among other debt-relief services.
Here are just some of the differences between Licensed Insolvency Trustees and Unlicensed Debt Consultants.