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Benefits of Working with a Licensed Insolvency Trustee in BC

Man and woman walking in British Columbia discussing the benefits of working with a Licensed Insolvency Trustee.

Are you struggling with debt and can’t see a way out? 

Facing debt can be incredibly stressful, frustrating, and embarrassing. When you feel overwhelmed by the numbers, with bills to pay and intimidating phone calls from creditors, it can be difficult to think clearly and rationally. No matter your financial stressors, it’s important to know and explore your options thoroughly in order to find the most successful repayment plan for your individual circumstances. 

This is where a Licensed Insolvency Trustee (LIT) can help. A LIT can look at the situation from an outside perspective without judgment and help you take action towards living debt-free. 

What is a Licensed Insolvency Trustee You Ask?

A LIT is a federally approved professional who helps businesses and individuals with debt issues. LITs are authorized by the Superintendent of Bankruptcy to act as a neutral third party between debtors and creditors to administer consumer proposals and bankruptcies.

Differences Between a Licensed Insolvency Trustee and a Debt Consultant

Chart depicting the differences betwen a Licensed Insolvency Trustee and a Debt Consultant in B.C.

Wondering How a Licensed Insolvency Trustee Can Help You? 

When it comes to debt, there’s no one-size-fits-all solution. An LIT assesses your financial situation by evaluating things like your income, the amount of debt you owe, your expenses, investments, and debts. They then help you create a debt repayment plan by first explaining all of your options and then helping you choose the one that best suits your circumstances. 

Woman sitting at a table learning how D. Thode & Associates Inc., Licensed Insolvency Trustees can help her financial situation.

Reasons Why Choosing LITs for Debt Relief Assistance Might Be Right For You: 

Expertise and Experience

LITs are highly trained professionals with specialized knowledge in insolvency and debt management. With years of experience helping clients navigate complex financial situations, they can offer you expert guidance and personalized solutions for your financial recovery and stability.

Access to Debt Relief Options

LITs don’t just give advice, they help solve your debt issues. They have access to a range of debt relief options, including:

  • Consumer Proposals: A legally binding agreement to settle your debts for less than the full amount.

  • Debt Consolidation: If you have multiple debts, LITs can help you assess whether combining them into a single loan is a good option. 

  • Informal Arrangements: If you want to avoid the time-consuming and costly legal proceedings, LITs can assist you in negotiating with creditors in an informal arrangement.

  • Bankruptcy: As a last resort, in some situations, debtors cannot repay their debts. LITs can help you file for bankruptcy and manage the process until the end. 

Negotiation with Creditors

In many situations, creditors use harassment or intimidation tactics to seek repayment. LITs do not work for the creditors but rather act as an intermediary, handling meetings and communication on your behalf.

Legal Protection

When you file for bankruptcy or submit a consumer proposal, an automatic stay of proceedings is issued, which ceases all legal actions and collections efforts by creditors. LITs represent you in legal proceedings and make sure that your rights are protected throughout the process.

Financial Counselling and Education

Once your debt is settled, it doesn’t mean you can’t get into financial trouble again. LITs help you develop strategies to prevent future financial problems and maintain long-term financial stability. They assess your financial situation to help identify the root cause of your financial difficulties and offer you expert guidance on areas that need to be improved.

Are you having financial troubles and want to be Debt-Free? 

If you live in the Interior or Lower Mainland of B.C. and are struggling with debt, contact D. Thode & Associates Inc., Licensed Insolvency Trustees. Book your FREE consultation, and we’ll help you understand your options. We want to help you become Debt-Free!

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