It is not about filing bankruptcy, it is about finding the best solution for you.

Licensed Insolvency Trustees, How do they help?

  • Licensed Insolvency Trustees also known as Bankruptcy Trustees are officers of the court. That is a scary way to say that they answer to the court for their actions. They are required to treat you and your creditors fairly and in accordance with the law.
  • Bankruptcy trustees know what they’re talking about. Many LIT’s have an accounting designation (for which they studied (usually university) for at least 4 years) and a Chartered Insolvency and Restructuring Professional designation (for which they studied for at least another 3 years or more).
  • Licensed Insolvency Trustees offer more than just bankruptcy. They can help you identify and understand all of the options available to you and direct you to the right resources and services to solve your problem.
  • Insolvency Trustees are licensed by the federal government and monitored by the Office of the Superintendent of Bankruptcy. No one can just open a business and call themselves a bankruptcy trustee. They are also required to maintain the high ethical standards required by their professional associations.
  • LIT’s fees for most personal bankruptcies & consumer proposals are set by the government and compliance with the rules is strictly enforced.  They do not charge up front and all fees fit your budget.
  • The first meeting with a Licensed Insolvency Trustee is usually free.


Often considered the last resort, it actually may be the best method to put your money problems behind you and get moving on a new financial path. Bankruptcy is a serious solution for a serious problem however it does allow you to wipe your slate clean and start over.
A bankruptcy will be structured to suit your financial needs, including your ability to pay, your assets and your family situation. Bankruptcy is as personal as you are and depending on your own situation you could be back in charge of your own finances in as little as 9 months. Learn more about how bankruptcy could help you here.


Consumer Proposals can reduce your debt by up to 85% and are the most popular solution across Canada for debt management. Offering an easy process to reducing debt and avoiding bankruptcy.
Consumer Proposals are a legal arrangement with your creditors. The arrangement will significantly reduce your debt and protect you and your family from creditors, collection agencies & Canada Revenue Agency. The Consumer proposal must be written, filed and arranged by a Licensed Trustee in Bankruptcy. The average length of a consumer proposal is 3 to 5 years, depending on the creditors and personal circumstance.

Let’s Talk! No Charge Debt Assessment. CALL “604-392-5300”


Avoiding your creditors and legal obligations to repay your debt will make your situation worse. Liabilities to CRA could result in seizure of your home. Banks, loan companies, credit cards will sell your “bad debt” to collection agencies. These companies will aggressively take whatever means necessary to collect the funds, including wage garnishment, court injunctions, asset seizure.


Also known as debt arbitrators, debt negotiators, debt consolidators, debt pooling companies. These are companies that offer over the phone solutions and email -in contracts to fix debt.  The service would only apply to unsecured credit card debt, they can not provide creditor protection or end interest charges.  You will be required to pay a hefty up front fee with no guarantee that all your creditors will accept the terms of the offer.

Debt schemes such as this claim  “quick and easy” method to debt freedom.  However, buyer beware… Debt Settlement companies operating in the US, Ontario, Alberta, Manitoba and the East Coast have been restricted with new consumer protection laws.  To date the BC Government has not yet created a protection law for it’s citizens.  There are warnings and recently a Chilliwack based Debt Pooling company, Options Credit & Debt Works has had their debt collection license suspended and the companies bank account frozen by the Consumer Protection of BC.

Read the fine print before signing a debt reduction contract.


Credit Counsellors in Canada operate in 2 forms, “Not for Profit” and “For Profit”, each have their own self-governed programs and accreditations.
Credit Counsellors offer one solution to debt repayment, the Debt Management Plan (DMP), in conjunction with advice on money management and budgeting. These plans are designed to enable you to pay your unsecured debts such as credit cards in full over a period of up to 5 years. A DMP doesn’t reduce the amount of outstanding debt, so you will pay back every dollar to your creditors. The credit counselling industry works very closely with creditor grantors associations and can request that creditors agree to reduce your interest and fees. Creditor agreement to a DMP is voluntary. A credit counsellor can’t prevent a creditor from pursuing a garnishee of your wages, deal with outstanding debts to the government, tax debt, or secured debt. This is a good option when you have a secure stable source of income and the ability to pay your general living expenses and have enough left over each month to pay creditors in full in a reasonable period of time, and your creditors agree to co-operate.
There are many companies calling themselves “credit counsellors”.

It is prudent to research the specific credit counsellor thoroughly before entering into a debt repayment plan.


This debt solution is when you take all of your non secured debt and combine the balances into one monthly payment.  Often families with high equity in their home will use that money to get their finances under control. Pooling all the debt into a large monthly payment and eliminating high credit card interest rates.

This can be an effective debt management tool for those with means to pay back the consolidation loan or refinanced mortgage. However, the key to success with refinancing is to cancel or cut up your credit cards associated with the debt consolidation.   Although effective, when equity refinancing you must”) be aware that once you take out the mortgage/loan and pay off your credit cards, essentially you are taking unsecured debt and restructuring it into a secured loan tied to your home.

Equity refinancing should not be considered a source of income annually to maintain payments and lifestyle.

Take Charge of your financial life, talk to our team and let’s find a solution that works for you today.