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When filing for bankruptcy or a consumer proposal, insolvency counselling is required as part of the legal process.
Insolvency counselling provides a range of services to help individuals manage their debts and improve their financial situation. These services may include credit rebuilding, budgeting, and financial goal setting.
Credit rebuilding is a critical component of insolvency counselling. This involves developing a plan to improve credit scores and rebuild credit histories. A licensed insolvency trustee (LIT) can offer guidance on strategies to pay off debts, establish a budget, and seek out credit counselling services to better understand credit scores and how to improve them.
Budgeting is also essential to insolvency counselling. By creating a budget, individuals can better manage their finances and make informed decisions about spending and saving. An LIT can provide guidance on creating a realistic budget that takes into account income, expenses, and debt repayment.
Financial goal setting is another important aspect of insolvency counselling. By setting specific financial goals, individuals can stay motivated and focused on their progress towards financial stability. An LIT can provide guidance on setting achievable goals and creating a plan to reach them.
Insolvency counselling can be a valuable resource for individuals struggling with debt. By working with a licensed insolvency trustee, individuals can develop a plan to manage their debts, improve their credit scores, and achieve financial stability.
Read our guide – Coping with corporate insolvency in Toronto
How to Find a Licensed Insolvency Trustee
Bankruptcy and Consumer Proposals are not easy to navigate. Listen to some tips by our Trustee and reach out for more details. This video discusses the importance of filing your income taxes now.
www.harrispartners.ca 1-800-268-0983
