What Licensed Insolvency Trustees Can Do to Solve Debt Problems?
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- 1 What Licensed Insolvency Trustees Can Do to Solve Debt Problems?
- 1.1 Debt can be complex and difficult to deal with.
- 1.2 How do you know what choices are out there and which ones are right for you?
- 1.3 How Licensed Insolvency Trustees Work
- 1.4 What Licensed Insolvency Trustees Do
- 1.5 LIT can stop collection calls, from creditors, stop garnishment, unfreeze frozen bank accounts
- 1.6 Resources & Articles For Managing Your Finances On Your Own
- 1.7 What Is A Consumer Proposal (updated 2021) And How Much Does It Cost?
- 1.8 Bankruptcy Oshawa
- 1.9 New – What is Surplus Income Payments
- 1.10 Our Clients Are Like Family
Debt can be complex and difficult to deal with.
While, unfortunately, a lot of people find it relatively easy to get into debt, it is often much tougher to get out. There are many reasons why. One of the main reasons is interest rates on many types of debt, especially credit card debt. Interest rates on outstanding credit card debt tend to be very high. This means that every month you carry a balance, your debt will cost you more.
These kinds of debt are hard to deal with because the more you owe and the longer you take to pay it back, the more costly your debt becomes. If you owe a lot of money and take a long time to repay it, it will become incredibly expensive to become debt free. This unfortunate situation leads to people being in significant debt trouble and wondering how they can get out. Licensed Insolvency Trustees (LITs) can help you find the answer.
How do you know what choices are out there and which ones are right for you?
When you are struggling with debt, the solutions to getting out of it aren’t always clear. With bills mounting up and interest increasing the size of your monthly payments, it sometimes feels hopeless. However, the reality is there are many options out there and they work differently for different people. In some situations, one option could be the right choice while this option may not be the best for someone in a different situation. Licensed Insolvency Trustees can help.
If you are struggling with debt and looking for a solution, speaking with an LIT may be the right answer. Licensed Insolvency Trustees are licensed and regulated by the federal Office of Superintendent of Bankruptcy. They provide advice and services to individuals and businesses who are having debt trouble. If you are having financial difficulties, meeting with an LIT can help you understand the options and make an informed choice.
LITPro can help you to Reduce Your Debt By Up To 70%
- You can keep your car, home, and RRSP
- Stop harassing creditor calls immediately
- Improve personal cash flow quickly
- We negotiate your debt and provide a path to financial stability
- Lowers your payment
- Works with any level of credit score
How Licensed Insolvency Trustees Work
Licensed Insolvency Trustees can review financial situations, provide details on the available options, and administer certain insolvency processes. Speaking with an LIT can give you the information you need to potentially resolve your debt situation.
Most Licensed Insolvency Trustees provide a free consultation. This means you can sit down with a trustee, have them review your financial situation, and get full details on the options available to you. As mentioned, each situation is unique and there is no “one size fits all” solution. Knowing all your options gives you the best chance of finding the right one for your situation.
Licensed Insolvency Trustees are required by law to give you details on all the available options. Some other financial professionals may only detail those options they are most familiar with, but a trustee will provide information on all options. It is then your decision on how you wish to proceed.
Once you have the information, the trustee will not try to convince you to choose one option over another. How you decide to resolve your debt is up to you.
What Licensed Insolvency Trustees Do
In addition to providing information, Licensed Insolvency Trustees are the only professionals who are authorized to administer bankruptcy and consumer proposal processes in Canada. If you have heard all your options and you decide that either bankruptcy or consumer proposal is the right choice for you, the trustee will work with you to complete the required documents and inform your unsecured creditors.
With both processes, the trustee is responsible for all communication with your creditors once the process has started. This means that not only will your unsecured creditors not be able to contact you, but they will also not able to take any legal action against you to attempt to collect the debts owed. Any legal action that has already started must be stopped if you file for bankruptcy or start a consumer proposal.
LIT can stop collection calls, from creditors, stop garnishment, unfreeze frozen bank accounts
This can be a big relief if you are having debt problems. It puts an end to calls from creditors and collection agents, stops garnishments, unfreezes frozen bank accounts, and more. Licensed Insolvency Trustees can help you understand if either of these formal insolvency processes are right for you so you can make the right choice to improve your financial situation and reduce your debt
Resources & Articles For Managing Your Finances On Your Own
A consumer proposal is a legal procedure that is developed for people that are not able to pay their debts completely, but who have the capability to pay a portion of the cash owing.
Filing for bankruptcy in Oshawa it was never easier than right now. Contact our LITPro Licensed Insolvency Trustee in Oshawa for a free consultation and start being debt free.
Your Surplus Income Can Determine The Length Of Your Bankruptcy. Your bankruptcy trustee takes a lot more into account than simply your paycheque.
"Samantha is very professional,informative and knows how to hold a conversation getting you very comfortable in your decision making, this was a must do experience"
"Very helpful, Martin was really easy to talked to, he answered to all my calls and to all my questions, he is a great professional debt administrator"
"I trully appreciate the help and the honesty of everyone I have dealt with so far and am pleased to get out of debt and work towards building my credit back up after this is all over"
Our Clients Are Like Family
We value our clients and respect each of them. We understand how difficult is to manage all the debts. You are not alone, we can help you with a debt settlement to solve your financial situation.
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