What is a Licensed Insolvency Trustee?
Licensed Insolvency Trustees are government-licensed debt relief professionals, who help individuals and businesses get out of debt. They were previously designated as Bankruptcy Trustees, until the government changed the designation from Bankruptcy Trustees to Licensed Insolvency Trustees (LITs). LITs are federally regulated and are the only professionals authorized to administer government regulate insolvency proceedings like consumer proposals and bankruptcies to discharge people of their debt by:
- Informing them of the best way to get out of debt,
- Protecting their assets, such as their home, vehicle, or RRSP's, and
- Stopping legal action from creditors, including lawsuits and wage garnishments.
Meet Our Trusted Debt Relief Professionals
Martin Cyr, Licensed Insolvency Trustee
Martin Cyr is a Licensed Insolvency Trustee with the Insolvency & Restructuring practice of Farber Financial Group. He is responsible for providing debt solution services, primarily to the residents of Metro Vancouver. His practice focuses on small businesses and corporate insolvency and restructuring, distressed financial advisory services. and corporate consultative advisory services, across a wide range of industries, including retail, manufacturing, cosmetics, hydro-electric, not-for-profit, and construction. Martin joined Farber Financial Group in 2007. Martin’s practice primarily focuses on helping business owners and professionals with their financial issues, with the goal of coming to an equitable resolution with all their creditors. Martin is often called upon to work directly with the Canada Revenue Agency (CRA), to help people avoid bankruptcy and negotiate a reduction in their tax debts.
Bridget van Wyk, Licensed Insolvency Trustee
Bridget is a Licensed Insolvency Trustee in the Insolvency and Restructuring practice of the Farber Financial Group. She is primarily responsible for providing debt solution services to individuals in British Columbia. Prior to joining A. Farber & Partners in 2015, Bridget managed the Consumer Insolvency business of a major accounting and insolvency firm in BC. She has also had extensive experience in corporate recovery engagements, across a broad range of industries including retail, medical, leisure and commodities. In addition, Bridget has also been involved in numerous assignments involving financial institutions in BC.
Barry Crowe, Debt Solutions Manager
Barry is a Debt Solutions Manager with the Farber team in British Columbia. With extensive knowledge and experience in the consumer insolvency industry, he enjoys educating individuals on debt solution options and helping them make an informed decision that best suits their needs.
Prior to joining Farber, Barry was an Estate Manager with a major advisory and insolvency trustee practice in BC and also worked for a local debt solutions and credit counselling firm. He has over 15 years of experience leading teams who are clearly focused on customer centered service. Barry’s approach to meeting people with financial difficulties is always empathetic and understanding with a focus on helping the individuals look ahead to a bright future and a fresh financial start.
Please call the numbers below to arrange a free, confidential consultation for you with Martin or Bridget at our A. Farber Vancouver Insolvency Trustee office. At that meeting, they will review your financial situation and discuss all debt relief options available to you. This also includes bankruptcy and bankruptcy alternatives, such as Consumer Proposals in Surrey, before you make any decisions about what is the best way to get you out of debt.
A Licensed Insolvency Trustee provides free debt advice
There are many debt relief options available to those who face financial difficulties. The kind of debt solution that you choose to use can be one of the most important decisions you will make. If you make the right decision, it will resolve your financial problems quickly and effectively, but if you choose the wrong option, your debt problems could drag on for a long time, become larger and harder to fix, and negatively impact your credit rating. That’s where a Licensed Insolvency Trustee comes in. Once you realize that you can’t cope with your debt anymore, you should seek professional advice from a trained debt expert, such as a Licensed Insolvency Trustee. A. Farber and Partners offers a free initial debt relief consultation – no strings attached. Our Licensed Insolvency Trustee in Vancouver can sit down with you, review your debt, and inform you about all the various options available to you to get out of debt – not just bankruptcy, but also other, more popular debt relief solutions such as a consumer proposal or debt consolidation.
How can a Licensed Insolvency Trustee help me with my debt?
Your Licensed Insolvency Trustee will review your finances with you and inform you of all the possible solutions available to you to get out of debt. If it turns out that these are good options for you, our trustees in Vancouver can provide you with the following debt solutions:
- A consumer proposal, in which you and your trustee make a formal offer to your creditors, in which your debts are reduced by up to 70%. Once accepted, your debts will be decreased and consolidated into one monthly payment, interest free. Learn more about a consumer proposal >>
- A bankruptcy, which allows you to go get rid of all your debts for a nominal fee. A bankruptcy would typically be the last resort after all other options (consumer proposal, debt consolidation, etc.) have been reviewed. Learn more about bankruptcy >>
Bankruptcy or consumer proposal: which one is better?
How can a Licensed Insolvency Trustee protect my assets?
A Licensed Insolvency Trustee can protect you from legal action from your creditors and can effectively:
- Stop harassing creditors
- Let you keep your home and vehicle
- Lift wage garnishments
- Protect existing RRSP's
After filing a consumer proposal or bankruptcy, the creditors involved will communicate directly to your trustee, putting an end to harassing creditor calls, wage garnishment, or lawsuits. It means that you would not have to deal with them again. You will retain ownership of the amount in your RRSP, except for any contribution you have made in the year prior to declaring bankruptcy. In addition, you can keep certain assets, like your car, to allow you to earn a living. If you own a home in which you have minimal equity, it may be possible to keep your home, although this depends on your specific circumstances.
How much does a Licensed Insolvency Trustee charge?
The trustee's fee depends on the provided service:
- The initial consultation to review your debt relief options is free. There is no obligation and your privacy is guaranteed.
- The fee for a consumer proposal is regulated by the Federal Government and forms part of your monthly payments offered to creditors.
- The fee for a bankruptcy is also regulated by the Federal Government and is paid by way of monthly payments.
Does speaking to a Licensed Insolvency Trustee affect my credit?
Speaking to a Licensed Insolvency Trustee does not affect your credit score. A free consultation is completely private and non-obligatory. If you would decide to file with a Licensed Insolvency Trustee in Vancouver, the bankruptcy would temporarily be shown on your credit record. However, if you do need a bankruptcy or consumer proposal, your credit already is bruised. Depending on your situation, a consumer proposal or bankruptcy might even help you to restore your credit rating. Your Licensed Insolvency Trustee can advise you in these matters during your free consultation.
When a Licensed Insolvency Trustee considers the options for solving debt problems, there are two major factors to be taken into account:
First, your Licensed Insolvency Trustee will review your income: For a consumer proposal, your trustee will look at your debt and assets, and come up with a proposal that decreases debt by up to 70%, but will also guarantee the creditors will receive part of the money owed. Similar rules apply to your assets, like your car or RRSP’s. For a bankruptcy, government regulations determine that you will keep a certain amount of monthly income (after tax, depending on the number of dependents that you have), to cover reasonable living expenses. Anything earned above this is defined as surplus income. A part of this excess income must be paid to your creditors during the period of your bankruptcy. This period can range from 21 to 36 months. If there is no surplus income, because your income barely supports your living expenses, then you do not have to make payments from your income and the bankruptcy can take as little as 9 months, after which you will be debt free. The truth is that the available debt relief options are determined by specific situations. If your circumstances suggest that bankruptcy is the right solution, then you should keep an open mind to this debt solution.
Many clients who have gone through bankruptcy told us that the only mistake they made was waiting so long to start eliminating their debt.
The benefits of filing for bankruptcy in Vancouver
Bankruptcy also provides protection against most legal action against you, including wage garnishment. Your Licensed Insolvency Trustee will deal with your creditors, saving you from the ongoing harassing calls from collection agencies. In a first-time bankruptcy and after completion of alf your duties, at the end of nine or twenty-one months, you can be discharged from bankruptcy and you can continue to rebuild your credit. So, if you find yourself in a position that, after paying regular monthly amounts, you still have a significant debt load that is becoming increasingly difficult to manage, then a bankruptcy is another option that might be the best solution for you: it eliminates your debts and lets you start rebuilding your financial future. As debt professionals, our commitment is to help you find the debt solution that’s best for you. For a free consultation, fill out the form or call us today.
Reaching the A.Farber & Partners offices in Vancouver
Our office is in close proximity to the Granville and Dunsmuir Sky-Train stations.
570 Granville Street, Suite 820
Vancouver, British Columbia V6C 3P1
Tel: (778) 400-3328