Financial difficulties can feel overwhelming, isolating, and even hopeless—but the good news is you don’t have to go through them alone. When debts become unmanageable, one of the best decisions you can make is to reach out to a Licensed Insolvency Trustee (LIT). At Golding & Associates, we understand that every financial story is different. We’re here to offer guidance, support, and solutions that are tailored to your unique situation.
In this blog, we’ll explain what Licensed Insolvency Trustees do, what services we provide, and how we help individuals regain control of their finances and start fresh.
What Is a Licensed Insolvency Trustee?
A Licensed Insolvency Trustee (LIT) is a federally regulated professional licensed by the Office of the Superintendent of Bankruptcy (OSB). LITs are the only professionals in Canada legally authorized to administer consumer proposals and bankruptcies.
But our role goes far beyond just administering legal processes. At our core, we’re here to help Canadians find practical, lasting solutions to their debt problems. We work with you to understand your financial circumstances and guide you through your options, whether that means informal advice, debt consolidation strategies, a formal consumer proposal, or, if necessary, bankruptcy.
Why Work with a Licensed Insolvency Trustee?
When you’re struggling with debt, it can be difficult to know where to turn. Credit counsellors, debt consultants, and even online ads may all offer quick fixes, but not all of them are regulated or working in your best interest. Here’s why turning to a Licensed Insolvency Trustee is your safest and most effective option:
- Trusted and Regulated: LITs are licensed and overseen by the federal government to ensure ethical conduct and high standards.
- No Hidden Fees: Our fees are regulated and transparent. There are no upfront or hidden costs—everything is explained clearly from the start.
- Legal Authority: Only LITs can provide legal solutions like consumer proposals and bankruptcies that can stop collection calls, wage garnishments, and legal actions.
- Unbiased Advice: We’ll help you explore all your options, not just those that make us money. Our goal is to find the right path for you.
Services Offered by Licensed Insolvency Trustees
At Golding & Associates, we offer a full range of services designed to support individuals and families facing financial hardship. Here’s a closer look at what we do:
1. Free Initial Consultation
It all starts with a conversation. We offer a free, confidential consultation to assess your financial situation. During this meeting, we’ll:
- Review your income, debts, and monthly expenses
- Identify the root causes of your financial stress
- Explain all of your available options
- Answer your questions honestly and without judgment
This consultation is pressure-free—there’s no obligation to proceed with any specific solution. It’s simply an opportunity to learn what’s possible.
2. Consumer Proposals
A consumer proposal is a legally binding agreement between you and your creditors to repay a portion of your debt over time—usually up to five years. It’s an excellent option for many people because:
- You only repay a portion of what you owe
- Interest stops accumulating immediately
- Collection calls and wage garnishments stop
- You keep your assets (like your house or car)
- You make one affordable monthly payment
LITs are the only professionals who can file consumer proposals. At Golding & Associates, we negotiate directly with your creditors on your behalf and manage the entire process from start to finish.
3. Personal Bankruptcy
For some individuals, especially those with limited income or significant debt, bankruptcy may be the most practical option. Bankruptcy is a legal process that provides relief from most unsecured debts and gives you a fresh financial start.
Filing for bankruptcy with a Licensed Insolvency Trustee ensures:
- An immediate stop to collections and legal actions
- Protection of certain personal assets and income
- A structured and supportive path to financial recovery
While many people fear the idea of bankruptcy, the reality is often much less severe than they imagine. In fact, for many, it provides much-needed peace of mind and a path to rebuild.
4. Debt and Credit Counselling
Even if you don’t need a formal process like a consumer proposal or bankruptcy, you may still benefit from professional guidance. We offer credit counselling and budgeting support to help you:
- Understand your spending habits
- Create a sustainable budget
- Set financial goals
- Learn strategies to avoid debt in the future
These tools can help you take control of your money and avoid falling into the same traps again.
5. Debt Consolidation Guidance
Debt consolidation involves combining multiple debts into a single loan or payment. While an LIT does not offer consolidation loans, we can help you understand whether this is a viable option and connect you with trustworthy lenders or resources.
We also compare debt consolidation with other options like consumer proposals, helping you understand the pros and cons of each.
How LITs Help You Overcome Financial Challenges
Let’s break down how Licensed Insolvency Trustees help you move from financial stress to stability.
1. We Listen Without Judgment
We know that debt can happen to anyone—job loss, illness, divorce, or simply trying to make ends meet on a tight budget. We approach every case with empathy and understanding. Our job is not to judge you, but to support you.
2. We Give You Clarity
When you’re overwhelmed by debt, it’s easy to feel confused and paralyzed. We cut through the noise and give you clear, honest advice about your options so you can make informed decisions.
3. We Provide Legal Protection
As soon as you file a consumer proposal or bankruptcy, creditors are legally required to stop:
- Calling or harassing you
- Adding interest
- Garnishing your wages
- Taking you to court
This gives you the breathing room you need to focus on getting back on track.
4. We Help You Rebuild
Overcoming debt is only the first step. We also help you prepare for long-term success by:
- Offering budgeting tools and resources
- Providing credit education
- Helping you set realistic goals for the future
Many of our clients go on to rebuild their credit and achieve financial goals like buying a home or starting a business.
Common Misconceptions About LITs
There are several myths about Licensed Insolvency Trustees that can keep people from seeking help. Let’s clear up a few:
- Myth: LITs work for creditors.
Reality: We’re impartial officers of the court, and our duty is to treat both you and your creditors fairly. Our goal is to help you find a solution that works. - Myth: Bankruptcy is the only option.
Reality: We explore all available options, and bankruptcy is often a last resort. Many people find that a consumer proposal or informal repayment strategy works better. - Myth: You’ll lose everything if you file for bankruptcy.
Reality: In most cases, people keep their home, car, and personal belongings. We walk you through exactly what you can keep based on your province’s exemptions.
You Don’t Have to Face Debt Alone
Financial stress can impact every area of your life—your health, your relationships, and your peace of mind. But there’s always a path forward. Licensed Insolvency Trustees are here to guide you every step of the way.
At Golding & Associates Limited, we’ve helped thousands of Nova Scotians regain control of their finances and start fresh. Whether you’re looking for advice, need help understanding your options, or are ready to take action, we’re here for you.
Book Your Free Consultation Today
There’s no cost, no obligation, and no judgment—just the honest help you deserve.
📞 Call us at 902-365-3032
💬 Or visit www.debtandcreditsolutions.ca to book your free consultation.
Take the first step toward financial freedom. Let’s find your solution—together.