When it comes to your finances, asking for help isn’t easy. Many people associate the idea of a licensed insolvency trustee with filing for bankruptcy, a loss of control, or even an admission of failure. However, the outcome is usually the exact opposite.
Meeting with a trustee means giving yourself the opportunity to regain control of a situation that’s gotten out of hand. It’s not a commitment or a choice you can’t take back – it’s a starting point.
In this article, we’ll explain what it’s like to work with a licensed insolvency trustee and why it’s never too early to ask for help.
What does a licensed insolvency trustee do?
A licensed insolvency trustee is a professional that is certified and regulated by the federal government. Their mission is to support people who are experiencing financial hardship with compassion, expertise, and neutrality.
Unlike a broker or financial advisor, trustees won’t try to sell you a product or offer you a loan. They also won’t make decisions on your behalf. Their role, first and foremost, is to help you take stock of your situation, then present you with the solutions provided for by law based on your needs. They will help you understand what’s out there, weigh your options, and foresee the possible consequences of each choice. If you decide to move forward, they’ll guide you through the entire process step by step.
Who do licensed insolvency trustees work for?
We get this question all the time – and for good reason. When you’re in debt, it’s normal to wonder whether the person in front of you really has your best interests in mind.
A licensed insolvency trustee is an independent officer of the court, certified by the Superintendent of Bankruptcy Canada. Their mandate is to ensure that the steps required by law are carried out correctly, with due respect for all parties involved. Above all, from the very first meeting, their role is to listen and provide information.
They are a resource that can analyze your situation through a compassionate and professional lens. That’s what enables them to suggest the most appropriate course of action for your situation, whether it’s a consumer proposal, budgeting help, debt consolidation, or bankruptcy.
What happens during the first meeting?
At Ginsberg Gingras, your initial consultation is free, confidential, and no-obligation. It will run approximately one hour and can be arranged in-person, on the phone, or via video chat – whatever you prefer.
Your expert will ask a few questions to better understand your situation. What is your income? Your debt? Your expenses? Have you received collections calls? What are your goals: to relieve pressure, avoid bankruptcy, streamline your repayments?
The goal isn’t to make you relive all of your past decisions; it’s to paint a judgment-free picture of your current situation. From there, the trustee will clearly explain the options available to you using terms that everyone can understand.
You’ll leave the meeting with a situational overview, some concrete avenues to explore, and plenty of space to reflect. Most importantly, you won’t have to sign a single document.
What comes next?
After the meeting, you’ll be free to do whatever feels best. Some people come back for another conversation further down the line, while others are ready to take immediate action. There’s no right or wrong answer. But one thing remains true: the quicker you act, the more options you’ll have.
If you choose to move forward, your expert will guide you through the entire process. They will prepare the required documents, communicate directly with your creditors, and ensure all of the necessary steps are taken.
And if you don’t want to take the next step? You’ll still have more clarity than you did before. Sometimes, that’s enough.
Meeting with a trustee isn’t a failure – it’s an informed decision
Financial hardship and feelings of isolation often go hand in hand. But you don’t have to go through it alone. There’s no shame in asking for help.
The simple act of speaking to someone, putting words to what you’re experiencing, and understanding your options can ease your burden significantly.
Book an appointment with a member of our team. Just to see what’s possible.