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Licensed Insolvency Trustees (previously known as Trustees in Bankruptcy) are the most highly trained, qualified experts and counsellors in bankruptcy. Bankruptcy lawyers can also help you when you’re in dire financial circumstances, but they don’t quite have the abilities that trustees do. Here’s a rundown of the differences between Licensed Insolvency Trustees and bankruptcy lawyers.
Licensed insolvency trustee
When you schedule a consultation with us, your trustee:
- Assesses your financial situation
- Provides financial counselling
- Discusses alternatives to bankruptcy
- Ensures creditors’ claims are legitimate
If you have to file for bankruptcy, your trustee will tell you what to expect, including rules and procedures, and he or she will do the following:
- Notifies creditors
- Prepares official documentation
- Administers your bankruptcy estate file during the whole process
- Manages and distributes assets held in trust
Bankruptcy Lawyer
Toronto bankruptcy lawyers, on the other hand, cannot file for bankruptcy. In Ontario, all residents are required to file through a Licensed Insolvency Trustee even if they have a bankruptcy lawyer. While consulting with a bankruptcy lawyer can be helpful if there are disputes or other complex legal or corporate issues involved in your case, most personal insolvencies can be handled by an LIT alone.
Talk to a trustee first
We are here to find the best financial solution for you at Harris & Partners Inc. If you’re eligible for any alternative to bankruptcy, we’ll help you find that alternative. However, if you do need to file for bankruptcy, we will guide you every step of the way, and your first consultation is absolutely free. Call us today at 905-479-5712 or contact one of our eleven regional offices in Markham, Barrie, Brantford, Hamilton, Kitchener, Oshawa, Pickering, St. Catharines, Brampton, Toronto and North York.
