Why choose to see a Licensed Insolvency Trustee

credit-card-stackWhy choose to see a Licensed Insolvency Trustee before you see a credit counsellor
and /or debt advisor.

There are many good reasons to see a Licensed Insolvency Trustee before you see a debt consultant or credit counsellor.  Set out below is a table that compares LITs to debt advisors or credit counsellors.  An LIT is the only professional that is able to file a proposal or a bankruptcy under the Bankruptcy and Insolvency Act despite what you may hear in the marketplace or read online.

Questions that are commonly asked by debtors in financial difficulty.

  1. Do I need a debt consultant/credit counsellor to file a consumer proposal or a bankruptcy?

No. Only a qualified Licensed Insolvency Trustee can provide access to federally regulated insolvency options such as bankruptcies and consumer proposals. It is against the law for a debt consultant/credit counsellor to represent themselves as being able to provide access to these services.  The LITs at Boale, Wood and Company Ltd. are all federally licensed and in good standing.

  1. The debt consultant/credit counsellor is asking for a fee for advice on a consumer proposal or bankruptcy filing?

It is never necessary to pay a fee to a debt consultant/credit counsellor in order to access government-regulated insolvency options. Advice on a consumer proposals or bankruptcy is available for free from Boale, Wood & Company Ltd.

  1. The debt consultant/credit counsellor told me their fee includes arranging for the services of a Licensed Insolvency Trustee?

Absolutely not.  We recommend that you contact us directly to avoid paying a middleman unnecessary fees.

  1. Why should I see an LIT first before going to a debt consultant/credit counsellor?

You should always see an LIT first.  LITs are highly trained individuals who are licensed by the Office of the Superintendent of Bankruptcy (OSB) under the authority of the BIA.  The majority of Trustees also belong to the Canadian Association of Insolvency and Restructuring Professionals (CAIRP).

What is the difference between a Licensed Insolvency Trustee and a debt consultant?

table-of-comparison-600

In addition to the above, most LITs are members of the Canadian Association of Insolvency and Restructuring Professionals (“CAIRP”).  CAIRP mandates ongoing professional development and has a stringent Code of Ethics that LITs must abide by.

The professionals at Boale, Wood & Company Ltd.  will listen to your needs, recognize issues and offer sound, practical and non-judgmental advice tailored to each individual’s needs.  Call us today at (604) 605-3335.  Its not too late.