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Navigating serious debt or financial strain often feels overwhelming, but there’s a path forward for individuals and businesses who need help. Meeting with a licensed insolvency trustee (LIT)
Navigating serious debt or financial strain often feels overwhelming, but there’s a path forward for individuals and businesses who need help. Meeting with a licensed insolvency trustee (LIT) is an important first step toward financial recovery.
Still, many feel nervous or uncertain about what these consultations involve. This guide walks you through the entire process, demystifying what happens when you work with a professional like The Oakman Group Inc.
You’ll learn what to expect, how to prepare, and how the insolvency process can help you regain control of your financial future.
If you’ve been considering a debt consultation or exploring your options for debt relief, here’s what you need to know before scheduling your first meeting with a licensed insolvency trustee.
A licensed insolvency trustee is a federally regulated professional qualified to help individuals and businesses address their debts.
LITs are the only professionals in Canada authorized to administer government-regulated insolvency proceedings, like consumer proposals and bankruptcies.
Firms such as The Oakman Group Inc. ensure their clients have access to expert advice and a range of solutions tailored to their needs.
LITs are bound by a strict code of ethics and professional standards. That means when you undertake a debt consultation, you’re getting impartial, regulated guidance.
This official support ensures transparency and protects your interests throughout the insolvency process.
Being prepared makes your first consultation run smoothly. Expect to provide key financial information, including:
Having these documents handy allows your licensed insolvency trustee to get a clear understanding of your financial position.
Before your appointment, consider what you want to achieve. Are you seeking a plan to repay your debts, protection from creditors, or a total financial reset?
Identifying your goals helps your trustee recommend the most effective solution for your unique circumstances.
Meeting with a professional from The Oakman Group Inc. is designed to be comfortable and supportive. Trustees understand the stress financial issues cause and are trained to approach every consultation with empathy.
The trustee begins by conducting a thorough review of your financial situation. They’ll walk you through your assets, liabilities, income, and expenses to identify the exact nature of your debts and financial obligations.
After reviewing your circumstances, the trustee explains all available options, which may include:
Each recommendation is tailored to your financial goals, eligibility, and what’s best for your long-term recovery.
If an insolvency proceeding is appropriate, your trustee will break down each step involved, including timelines, legal obligations, and how your creditors will be notified. Transparency is at the core of the process, so you’ll know exactly what to expect.
Your trustee will discuss the potential impacts on your credit score depending on which debt relief solution you pursue.
For example, a consumer proposal will stay on your credit report for a determined period, while bankruptcy has different implications.
Everyone’s situation is different. Your trustee explains how specific assets may be affected by a consumer proposal or bankruptcy, ensuring you understand which property you can keep and what might be subject to liquidation.
Once you enter an insolvency process, most creditors are required to stop all collection actions immediately. Your trustee will manage communication with creditors, providing much-needed relief from constant calls or letters.
One of the biggest advantages of seeking help from a licensed insolvency trustee is immediate relief from creditor harassment. Legal protections such as the automatic stay begin as soon as you file for insolvency or submit a consumer proposal.
Trustees like those at The Oakman Group Inc. provide realistic, actionable plans to help you achieve financial stability. Their clear communication means you always understand your options and next steps.
Completing the insolvency process marks the beginning of your financial recovery—not the end. Your trustee will offer guidance on rebuilding credit, budgeting, and avoiding future debt problems.
Most LITs provide access to post-insolvency counseling and resources to set you up for success in the long run.
Whether you’re looking for workshops, one-on-one advice, or reliable reading materials, your trustee’s office can help you chart a new course.
Meeting with a licensed insolvency trustee is a crucial move for anyone struggling with debt. By partnering with a professional organization like The Oakman Group Inc., you gain the assurance of expert support throughout the insolvency process.
From your initial debt consultation to planning for a bright future, trustees offer judgment-free advice and structured solutions that make a meaningful difference.
If you feel overwhelmed by debt, take the first step and schedule a confidential consultation. With the right guidance, financial recovery is not only possible but achievable.
