Licensed Insolvency Trustees (LITs) are federally regulated professionals who provide advice and services to individuals and businesses with debt problems. LITs help people make informed choices to deal with their financial difficulties.
An LIT can provide the full range of options
LITs are the only professionals authorized to administer government-regulated insolvency proceedings that allow you to be discharged from your debt, such as consumer proposals and bankruptcies. For individuals who are in significant financial difficulty, these options may be the best solution.
An LIT will deal directly with creditors on your behalf
Once a proposal or personal bankruptcy is filed, the LIT will deal directly with creditors on your behalf. In addition, unsecured creditors cannot continue or initiate any collection action or legal proceeding against you.
An LIT is qualified
It is very important to ensure that you get financial advice and services from a qualified professional. When you choose an LIT, you can be confident that you are dealing with someone who has demonstrated they have the knowledge, experience and skills to be granted a licence from the Office of the Superintendent of Bankruptcy (OSB).
