What are Licensed Insolvency Trustees, credit counsellors, and debt settlement businesses?
Question & AnswerWhat are Licensed Insolvency Trustees, credit counsellors, and debt settlement businesses?
Learn what Licensed Insolvency Trustees can do
In Canada, is a legal process. You can only start the process with a .
Licensed Insolvency Trustees can:
- give you advice about your financial situation
- help you figure out what your and are worth
- help you decide if you should file a or bankruptcy
- talk to you about other options
- guide you through the consumer proposal or bankruptcy process
Your first meeting with a bankruptcy trustee is usually free. But if you decide to file for bankruptcy, you will have to pay for the trustee's services or sell your assets to cover their fees.
You can talk to your trustee about their fees. If you need extra time to pay or if you need a smaller fee, some trustees might be willing to work with you. If you need more time to meet your obligations, you might also be able to stay bankrupt for a longer time.
You can find a Licensed Insolvency Trustee by visiting the government of Canada’s website.
If you can't afford a Licensed Insolvency Trustee, or if you can't find one, you might be able to use the Bankruptcy Assistance Program.