In Canada, only a Licensed Insolvency Trustee (LIT) can legally:
- File a Consumer Proposal
- Administer bankruptcy
- Provide legal insolvency protection
What Do They Do?
They:
- Review your finances
- Explain all options
- File legal documents
- Communicate with creditors
- Ensure compliance with federal law
Are They Government Employees?
No.
But they are:
- Federally regulated
- Licensed by the Office of the Superintendent of Bankruptcy
Why This Matters
Only a Trustee can provide legal protection from creditors.
Debt consultants cannot file formal proceedings.
Understanding this difference is critical.
Disclaimer: This article is for informational purposes only and does not constitute legal advice.