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SITUATION GUIDE

Licensed Insolvency Trustees in Canada: who they are and what to ask

If formal debt options are part of your question, make sure the person responsible for that advice and process holds the relevant licence.

THE SHORT ANSWER

A Licensed Insolvency Trustee is federally regulated. The OSB identifies LITs as the professionals authorized to administer consumer proposals and bankruptcies. You can verify an LIT through the OSB registry and ask about alternatives before deciding whether to proceed.

Explore my options with an LIT enquiry

Verify the professional, not just a brand name

Use the registry linked by the Office of the Superintendent of Bankruptcy to confirm the licensed individual or firm. Ask who would conduct your assessment and administer any file. A debt-help website, consultant or advertising brand should not be mistaken for the licensed professional merely because it discusses proposals.

Give the assessment a complete starting point

Prepare a list of debts, income, essential expenses, assets and any collection action. Include debts you are unsure about rather than deciding in advance they do not matter. For example, joint borrowing and a personally guaranteed business obligation deserve specific questions. Share documents only through the professional’s verified secure process, not our initial enquiry.

Ask for the reasoning behind the recommendation

Request a comparison of the options that apply to your situation. Ask what assumptions affect the payment, how fees are handled, what duties you would have and what happens if circumstances change. The point is not to memorize insolvency terminology; it is to understand the commitment before choosing it.

  • Which alternatives did you consider, and why?
  • Which debts and assets require special treatment?
  • What happens if income or household circumstances change?
  • What documents or actions would begin a formal proceeding?

Know what a referral enquiry does not do

A DebtHelpers enquiry is not an LIT appointment, legal representation or a filed proposal. We do not set a proposal payment or promise creditor acceptance. The preview has no live provider connections. If you need immediate professional assistance, do not wait for this preview to arrange it.

Prepare for a conversation

  • The LIT name and verified registry record.
  • A complete debt, asset and income summary.
  • Questions about alternatives, costs and responsibilities.
  • Any urgent deadline that cannot wait for a callback.

You do not need account numbers, a SIN, banking credentials or uploaded documents to start our enquiry.

Is DebtHelpers a Licensed Insolvency Trustee?

No. DebtHelpers provides information and an enquiry route. A consumer proposal or bankruptcy assessment and administration must be handled by the appropriately licensed professional.

Make your next step about your situation

Start a free DebtHelpers enquiry. No credit check in this form and no obligation to accept a service. Choose your contact preference before reviewing permission.

Explore my options with an LIT enquiry

Looking for a different kind of help?

Choose the bankruptcy enquiry if that is the discussion you want to request.

My question is specifically about bankruptcy

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