What is an LIT?

At Faber, we often talk about the misconceptions and negative connotations around the word bankruptcy. The truth is – bankruptcy is simply one of the options faced by people with debt. Occasionally, it’s the only option available but it doesn’t have to mean gloom and doom.Although it can be a difficult and emotional process to go through, bankruptcy can lead to a positive outcome.

Having said that, it needs to be done correctly. If you search the Internet and social media, you’ll find articles and suggestions on doing it yourself. While this may be an option, remember there is truly no such thing as a simple legal procedure. You don’t want to make a mistake with a bankruptcy or learn as you go.

When you’re dealing with the necessary complexities within the Bankruptcy and Insolvency Act (BIA), you want to ensure you have the most qualified, professional expertise working on your behalf. That person would be a Licensed Insolvency Trustee (LIT).

At Faber, we take great pride in being able to offer our customers the respected advice of our many LITs. Why is that important? Not only are LITs the most qualified people to help you, LITs are the only federally regulated professionals approved to administer government-regulated insolvency proceedings that enable you to be discharged from your debt.

When you work with an LIT, as you will at Faber, you can be confident that you are dealing with someone who has the knowledge, experience and skills to have earned a license from the Office of the Superintendent in Bankruptcy (OSB). Your LIT is held to a high standard of professional conduct and code of ethics when providing services and performing his or her duties.

And while that may sound very formal, the bottom line is our LITs are people first. They understand what you’re going through. One of the objectives of this blog is to let you know what you can expect when you visit an LIT at one of our offices across the province.

The first thing you need to know is that getting you back on track, financially, is our top priority. It is not our job to judge you in any way, and we won’t. We’ll treat you with respect and courtesy, explain the pros and cons of each option available to you, and help you make the best, informed decision.

During the time that we’re working together, you will likely deal with a number of Faber staff. Our Licensed Insolvency Trustees are an essential component of the process, but they are not the only people involved. They are part of our comprehensive, professional team which will work together seamlessly on your behalf. Each person brings his or her area of expertise to ensure you move through the process quickly and efficiently. That’s the way we’ve been doing it for over two decades, and that’s the way we’ll continue to do it.

With Faber and our Licensed Insolvency Trustees, you will get all the support you need, and the confidence and reassurance to see it through. Every step along the way, we’re here for you and your future. Let’s make it a bright one!