The word ‘bankruptcy’ is gone from the name. Does that mean an LIT won’t be able to help me with a bankruptcy?
Not at all. The word bankruptcy was actually seen as rather limiting in the name – it projects a negative connotation, or meaning, on the process. When you hear the word ‘bankruptcy,’ you don’t think about the clean slate you are getting or the relief you’re getting from your crushing money problems. All you can think about are the feelings of shame, guilt, and failure that ‘bankruptcy’ is linked to. With the new name, Licensed Insolvency Trustee, the focus is on the problem (insolvency).
Right now you can contact a Trustee in Bankruptcy and they will help you navigate this tricky time, making sure your rights are protected, that your creditors are not harassing you, and that you understand all of the laws regulating bankruptcy. In April 2016, it will be the same – Licensed Insolvency Trustees will take you step by step through the process, ensuring you get the best solution for your debt situation. The only difference? What you’ll call your trustee.