--- title: What happens when you meet with a Licensed Insolvency Trustee? date: 2020-10-14T08:12:38-04:00 author: Kaitlin Verge canonical_url: "https://grantthorntonlimited.ca/en/debt-help-resources/articles/what-happens-when-you-meet-with-a-lit" section: Articles --- [ Back to the hub ](https://grantthorntonlimited.ca/en/debt-help-resources/articles) # What happens when you meet with a Licensed Insolvency Trustee? Kaitlin Verge CIRP, Licensed Insolvency Trustee ![Woman meeting with a Licensed Insolvency Trustee for a free consultation](https://pr-assets.grantthorntonlimited.ca/craftcmsimages/Article-imagery/Web-image-square/_articleHero/6471/what-happens-when-you-meet-with-a-licensed-insolvency-trustee.jpg.webp) Kaitlin Verge CIRP, Licensed Insolvency Trustee Are you considering booking a free consultation with a Licensed Insolvency Trustee, but aren't sure what to expect? We asked Licensed Insolvency Trustee Kaitlin Verge to explain the process she goes through when meeting potential clients. While everyone’s financial situation is unique, this will help you determine how a personalized debt consultation could benefit you. Before we get started, let’s run through what a Licensed Insolvency Trustee does so you know who you’re meeting with. In Canada, both [consumer proposals](https://grantthorntonlimited.ca/en/consumer-proposal/what-is-a-consumer-proposal) and [bankruptcies](https://grantthorntonlimited.ca/en/bankruptcy/what-is-bankruptcy) are regulated by a federal government agency called the [Office of the Superintendent of Bankruptcy](https://ised-isde.canada.ca/site/office-superintendent-bankruptcy/en) (OSB). For individuals and companies to administer these types of filings, they need to acquire a license from the OSB. The license is obtained by passing a series of exams. Once licensed, these professionals are called Licensed Insolvency Trustees (LITs), formerly Bankruptcy Trustees, and are the only professionals who can administer consumer proposals or bankruptcy proceedings. Meeting with a Licensed Insolvency Trustee doesn’t mean you have to move forward with a formal debt solution. A consultation allows a LIT to review your unique financial situation and inform you of all your debt relief options, your duties, and what to expect. We highly recommend booking a [free consultation](https://grantthorntonlimited.ca/en/get-in-touch/contact-us) so you can make an informed decision. ## What can I expect if I book a consultation with a Licensed Insolvency Trustee? **1. There will be a lot of questions** Since everyone’s story is unique, we start by asking a series of questions during a consultation to understand your current financial situation. These questions help us determine and describe what each debt relief solution would look like for you. It’s common to spend around 30 minutes gathering information and chatting through your financial past. We understand it can be nerve-wracking to share personal details. So, all our consultations are confidential and judgment-free. Generally, we review your assets, debts, income, and expenses before we can provide numbers and timelines. While this may seem daunting at first, it ensures that we’re being accurate and providing as much information as possible upfront. It also enables us to tell you crucial information, like if your assets are protected or how long your credit will be affected. We aren't the only ones who can ask questions during the consultation. We try to provide as much information, but we expect that you’ll have questions. These processes are not common knowledge and can be tough to understand, so don’t be afraid to ask questions. We want you to feel confident in your decision and in us. The more information we discuss upfront, the more equipped you’ll be to make an educated decision on dealing with your debt. **2. There is no judgement.** Talking about your financial situation with a stranger can be overwhelming, and for many, it’s the first time seeing their finances laid out ‘on paper.’ We know it can take years for someone to feel comfortable enough to actively seek solutions for their debt. It’s a difficult step for almost everyone, regardless of whether your debts are old, new, big, or small. At Doane Grant Thornton, our trustees aim to come from a place of understanding, compassion, and authenticity. Our job is to advise you on your financial situation, not judge it, and no matter the case may be, we approach each client with a common goal: to find the right debt solution for them. **3. Sometimes, we aren’t the solution.** While we provide consumer proposals and bankruptcies, they might not be the right debt relief option for everyone. Other solutions include consolidation loans, accessing equity in your property, or using credit counselling services. Sometimes, all it takes is a good budget to defeat financial woes. On occasion, speaking with a LIT simply leads to crossing us off your list, and that’s fine. Our job is to help you find the best solution to your debt, and we would never pressure someone into an option that’s not right for them. **4. Sometimes, we are the solution.** Again, just because you have a consultation with our team doesn’t mean you have to proceed with a consumer proposal or bankruptcy. However, if you feel one of these options is best for your situation, we’re here to help. After a consultation, if you’ve decided to move forward, a debt professional will give you a list of documents to gather, such as a list of owned assets, account information, and a copy of your ID. Once gathered, we’ll review your options again to ensure you’re confident in your decision before we file any legal documentation. If you’re ready to move forward, we’ll complete the appropriate paperwork, and begin the process. **5. We’re here to help** The timeline from your consultation to your decision to actually file can vary depending on your situation. Typically, my tagline is ‘we’ll move as quickly as you’. If you’re experiencing a wage garnishment and need to move forward fast, we will. If you want to wait until you return from maternity leave so your income is more stable, we will. And if you need some time to think things over, no issue! Again, we’ll work around what’s best for you. --- If you’re looking for support and want to learn more about your debt relief options, we’re here to help. [Book your free, no-judgment consultation](https://grantthorntonlimited.ca/en/get-in-touch/contact-us) and start the road to debt freedom today. We look forward to helping you find the right debt solution for you. About the Author Kaitlin Verge CIRP, Licensed Insolvency Trustee ## Latest articles [ ![](https://pr-assets.grantthorntonlimited.ca/craftcmsimages/Article-imagery/_articleThumbListSmall/67684/assets-CP-square.webp) ](https://grantthorntonlimited.ca/en/debt-help-resources/articles/article-what-happens-to-your-assets-in-a-consumer-proposal) [What happens to your assets in a consumer proposal? ](https://grantthorntonlimited.ca/en/debt-help-resources/articles/article-what-happens-to-your-assets-in-a-consumer-proposal) [ Read this article ](https://grantthorntonlimited.ca/en/debt-help-resources/articles/article-what-happens-to-your-assets-in-a-consumer-proposal) [ ![](https://pr-assets.grantthorntonlimited.ca/craftcmsimages/Article-imagery/_articleThumbListSmall/65155/recreational-vehicle-square.webp) ](https://grantthorntonlimited.ca/en/debt-help-resources/articles/article-what-happens-to-an-rv-boat-or-atv-loan-if-you-file-a-consumer-proposal-or-bankruptcy-in-canada) [### What happens to an RV, boat, or ATV loan if you file a consumer proposal or bankruptcy in Canada? ](https://grantthorntonlimited.ca/en/debt-help-resources/articles/article-what-happens-to-an-rv-boat-or-atv-loan-if-you-file-a-consumer-proposal-or-bankruptcy-in-canada) [ Read this article ](https://grantthorntonlimited.ca/en/debt-help-resources/articles/article-what-happens-to-an-rv-boat-or-atv-loan-if-you-file-a-consumer-proposal-or-bankruptcy-in-canada) [ ![](https://pr-assets.grantthorntonlimited.ca/craftcmsimages/Article-imagery/_articleThumbListSmall/63555/influencer-survey.webp) ](https://grantthorntonlimited.ca/en/debt-help-resources/articles/article-influenced-into-debt-how-social-media-impacts-canadians-finances) [### Influenced into debt: How social media impacts Canadians' finances ](https://grantthorntonlimited.ca/en/debt-help-resources/articles/article-influenced-into-debt-how-social-media-impacts-canadians-finances) [ Read this article ](https://grantthorntonlimited.ca/en/debt-help-resources/articles/article-influenced-into-debt-how-social-media-impacts-canadians-finances) ## Subscribe to our newsletter Get tips and tools to help manage your finances and live debt free. \*I agree to receive communications from Doane Grant Thornton. I understand that I can unsubscribe at any time. ## **Take the first step** to debt freedom Speak to one of our debt solutions professionals during a free, no-obligation consultation. [ Book a free consultation ](https://grantthorntonlimited.ca/en/get-in-touch/contact-us) ## Related articles ![](https://pr-assets.grantthorntonlimited.ca/craftcmsimages/Article-imagery/_articleThumbMedium/67684/assets-CP-square.webp) ### [What happens to your assets in a consumer proposal? ](https://grantthorntonlimited.ca/en/debt-help-resources/articles/article-what-happens-to-your-assets-in-a-consumer-proposal) In most cases, a consumer proposal allows you to keep all of your assets while bankruptcy may require you to surrender certain non-exempt assets. 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