06/01/2021 0 Comments
How a Licensed Insolvency Trustee in Vancouver & Richmond Can Help With Bankruptcy
If you are suffering financially, you need to consult with a Licensed Insolvency Trustee in Vancouver or Richmond. Whether you need credit counselling, a consumer proposal, or bankruptcy, you need to work with a licensed professional who can help you determine your best course of action. Read on to learn everything you need to know about Licensed Insolvency Trustees.
What is an Insolvency Trustee?
Licensed Insolvency Trustees obtain their licenses through the Office of the Superintendent of Bankruptcy (OSB). The Licensed Insolvency Trustee (LIT) is an officer of the Court and is authorized to administer consumer proposals and bankruptcy in Canada. They provide debtors with information on all possible solutions.
What Do Licensed Insolvency Trustees Do?
COVID-19 has left many laid off from work and businesses experiencing temporary shutdowns. Because of COVID-19, financial institutions/credit providers may have made changes to their lending rules, and it is important to stay up-to-date on available solutions to managing debt during the pandemic.
Campbell Saunders Ltd. can provide you with guidance on resolving your debt problems. We will review your finances, provide you with all possible options, and help you reach a resolution.
How Can a Licensed Insolvency Trustee Help Me?
Working on your behalf, the LIT will communicate with your creditors. You will not need to deal with creditor phone calls or suffer wage garnishment. If you and your LIT decide that a consumer proposal or bankruptcy is the best solution, the LIT will assist you in the preparation of all documents, filing and sending of notices, and staying on top of your case throughout the process.
As your LIT, Campbell Saunders Ltd. will handle all administrative work i.e. process creditor claims, enforce regulations, realize non-exempt assets, and make distributions to your creditors.
What is a Consumer Proposal?
The Consumer Proposal provides creditors with your plan to repay less of what you owe and/or have a more extended period in which to repay. Your LIT will prepare and present the plan to your creditors.
If the majority of your creditors agree to the Proposal and Court approved the Proposal, you will start making payments to your LIT who then make distribution to your creditors. Once the Proposal payments are fully paid, you will receive a Certificate of Full Performance, legally releasing you from debts eiligible to be forgiven in a Proposal.
What Sets Licensed Insolvency Trustees Apart?
LITs are licensed professionals with high ethical standards whom can be trusted to be independent, objective and free from bias and conflict of interest. The LIT handles all communication with the debtor’s creditors in the entire insolvency period.
Why Work with a Licensed Insolvency Trustee
Working with a professional provides you with the opportunity to learn all your options before deciding how to proceed. LITs give you assistance throughout the insolvency process. LITs care, understand and guide you in making the best possible decision in your circumstance.
The best way to proceed when dealing with debt is to work with a licensed professional. They have the knowledge to manage all aspects of financial debt.
Resolve Your Personal Bankruptcy Vancouver or Richmond
When you are suffering from financial hardship, the best way to reach a resolution is to consult with a Licensed Insolvency Trustee in Vancouver or Richmond.
We have more than 30 years of experience helping families, individuals and businesses resolve financial problems. Contact us today to get your finances back on track.