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When to Consult a Licensed Insolvency Trustee?

Are you overwhelmed by debt and worried about your financial situation? It may be time to seek help from a Licensed Insolvency Trustee, such as Poupart Syndic Inc. Learn more about the role of a trustee and the reasons that might prompt you to consult one.

What is a Licensed Insolvency Trustee (LIT)?

According to the Office of the Superintendent of Bankruptcy Canada, "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".

As the trustee will have access to sometimes delicate financial information, it is recommended that you choose your LIT wisely. To do so, it is important that you feel confident when you talk to the trustee. He should also provide you with a comprehensive analysis of your situation, through a written report or other relevant documentation. At Poupart Syndic Inc. we operate under the Bankruptcy and Insolvency Act (BIA), which is governed by the Office of the Superintendent of Bankruptcy. All our advisors act with transparency and empathy and will always listen to you with an attentive ear, in order to establish a relationship of trust.

What are the reasons for consulting a Licensed Insolvency Trustee?

There are various reasons why a person may turn to a Licensed Insolvency Trustee. While some situations are beyond our control, others are the inevitable result of poor financial habits. For example, a loss of employment is often the cause of financial instability, but will not necessarily lead to over-indebtedness. If the person who loses his job is the sole income earner in the household, if that person is a single parent, or does not have access to employment insurance, an unexpected loss of employment could potentially lead to a significant accumulation of debt.

If your request for debt consolidation has been refused, consulting a Licensed Insolvency Trustee is also the option available to you to free yourself from your debts. You will be able to obtain the advice of a professional to find out all the solutions adapted to your situation, in order to avoid bankruptcy.

There may be other reasons for consulting a Licensed Insolvency Trustee:

  • You are unable to pay your debts.
  • Following a separation/divorce, you no longer have the necessary resources to pay for your current expenses.
  • You want to get your finances in order, but you don't have the skills to make a budget.
  • Following the death of your spouse, you end up with more expenses than you can afford.
  • Financial stress undermines your morale and you don't see any possible ways of solving your money problems.
  • Your creditors are harassing you to pay off your debts.
  • Your relationship is affected by your debt.

In all these situations, it would be to your advantage to turn your attention to your finances to find the help and support you need in order to eliminate your debts. At Poupart Syndic Inc., our advisors' expertise and the fact that they are located close to you enable you to get an answer in as little as 30 minutes and you can even make an appointment within the next 48 hours. Don't wait any longer before contacting us and, in this way, free yourself from a big financial burden... for a guaranteed improvement in your quality of life!

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Need help? Contact us to get all the answers to your questions and put an end to your worries, in so doing.