How to choose a good licensed insolvency trustee?

You know your personal finances need restructuring, but you’re not sure where to turn? Do you have questions and would like advice on budgeting, your debt level, your credit report, or the financial solutions available to you?

With so many options out there, you may be wondering how to choose a trustworthy Licensed Insolvency Trustee (LIT). We’ve outlined the following criteria to help you find the right trustee for your needs.

Financial difficulties obviously involve numbers, but they also touch on emotional aspects that shouldn’t be overlooked. That’s why your choice should, of course, take into account the trustee’s experience in personal finance—but it shouldn’t be limited to that alone.

The trustee you meet with should be able to:

1. Perform a thorough analysis of your financial situation, since the solutions that will be proposed depend on it.
   Take the time to answer all your questions, as this is likely the first (and only) time you find yourself in such a situation. The industry jargon can sometimes be confusing
2. Clearly explain all the possible options while making sure the explanations are easy to understand.
   Emotions can make us less objective, and our ability to analyze may be affected.
3. The trustee should also understand the personal side of your situation, because behind the numbers, there’s a human being.
   Very often, financial hardship begins with a personal issue: separation, job loss, illness. Before addressing the formal and financial aspects of the situation, your licensed insolvency trustee should take the time to listen and understand the context in order to provide reassurance and proper guidance.

Choosing the right licensed insolvency trustee firm to analyze your financial situation is your 1^st step toward brighter days.

If you have any questions, don’t hesitate to book an appointment or contact us at 1-877-777-2433.