Skip to content

For the past 45 years, Ginsberg, Gingras & Associates have been helping people regain financial health.

What is a Licensed Insolvency Trustee?

Formerly known as a bankruptcy trustee, a Licensed Insolvency Trustee (LIT) holds a license issued by the Superintendent of Bankruptcy, a federal regulatory body, and is subject to strict ethical standards.

One of the fundamental principles of the Bankruptcy and Insolvency Act is to allow an unfortunate individual to free themselves from debt and rehabilitate financially. An LIT is the best person to guide you through this process.

Initial Meeting Process

During the initial consultation, we listen to your concerns. In addition to gathering some financial information, we discuss your daily life to propose solutions to help you break free from the debt spiral.

Whether the meeting is in person or virtual, we will list your assets—your property—and liabilities—your debts. We will also ask about your income and expenses to establish a budget.

Once we have this information, we will thoroughly discuss the available solutions.

This meeting is confidential, free of charge, and without obligation.

Debt Solutions

There are several solutions for managing debt. All are valid options, but it’s essential to understand the nuances.

  • Consolidation Loan
    • This involves taking a loan or line of credit from a financial institution to pay off all previous debts. Be cautious of co-signer requirements.
  • Notice of Intention to Make a Proposal
    • For individuals with more than $250,000 in debt (excluding a home mortgage) who need protection from creditors while exploring their options.
  • Consumer Proposal
    • A negotiated agreement with your creditors over five years without interest. Your assets are not seized, and it can be paid off at any time once accepted.
  • Division I Proposal
    • Usually for companies seeking to reorganize while protecting themselves from creditors during the process. It is also available for individuals.
  • Bankruptcy
    • A way to discharge debts and start fresh. Some assets may be seized, and fees are determined based on income.

If you are facing financial difficulties or your debts remain stagnant despite making payments, we encourage you to consult us before bankruptcy becomes the only option.

 

How to Reach the Ginsberg Gingras Team:

By phone: (800)567-1905
Website: ginsberg-gingras.com/en
Schedule an appointment online: https://ginsberg-gingras.com/en/book-an-appointment/

Similar articles

satisfied clients
0 +
in Ontario, Quebec & New Brunswick
0 + offices
of service in the insolvency sector
0 + years
acceptance rate of our consumer proposal
0 %

Need advice?

We will reply within 24 hours or on the next business day.

  • This field is for validation purposes and should be left unchanged.