Licensed Insolvency Trustees: Who We Are & What That Means

Struggling with Debt? LITs Are Here to Help.

Choosing the right debt advisor is a crucial step towards a fresh financial start. At Hoyes Michalos, we understand the stress that comes with overwhelming debt, and we’re here to help you find the right solution. As Licensed Insolvency Trustees (LITs), we’re not just debt advisors — we’re federally regulated professionals dedicated to helping you regain control of your finances.

What is a Licensed Insolvency Trustee

A Licensed Insolvency Trustee is the only debt professional in Canada licensed and regulated by the federal government to help you manage and eliminate debt. LITs are qualified to administer legal debt solutions like bankruptcies and consumer proposals under the Bankruptcy & Insolvency Act.

The LIT designation requires rigorous training and education. To become a Licensed Insolvency Trustee individuals must pass a comprehensive oral examination which requires knowledge and experience.

Why Choose Hoyes Michalos?

• ✅ Trusted Since 1999: We’ve been helping Ontarians achieve debt relief for over 25 years.
• ✅ Expert Guidance: Every consultation is with a Licensed Insolvency Trustee — no middlemen, no salespeople.
• ✅ Empathy First: We understand the emotional toll of debt. Our goal is to provide solutions without judgment.
• ✅ Free, No-Obligation Consultations: Talk to us about your debt relief options — with no pressure and no upfront fees.

What is the Role of A Licensed Insolvency Trustee?

Think of a Licensed Insolvency Trustee as the referees in the debt relief process. We ensure fairness for everyone involved — you, your creditors, and the legal system. Our job is to guide you through the process, helping you explore all your options so you can make the best choice for your situation.

How We Help You:

1. Review Your Financial Situation: We meet with you and take a comprehensive look at your debts, income, and expenses to understand your unique situation.
2. Explore All Options: From debt consolidation to consumer proposals and bankruptcy, we explain every option available.
3. File Legal Documents: If you choose a consumer proposal or bankruptcy, we handle all paperwork and communication with creditors.
4. Protect You from Creditors: Filing with an LIT triggers a legal stay of proceedings — stopping wage garnishments and collection calls. We notify your creditors, accept and review claims and handle all future communication with the people you owe money to.
5. Support You Through the Process: From start to finish, we guide you every step of the way to ensure a successful debt solution. We ensure you complete all necessary duties to obtaining your discharge or completion certificate so your debts are eliminated.

In the end, the important point is that the professional you work with is licensed and has the training and experience needed to help you eliminate your debt. Licensed Insolvency Trustees are just those experts.

8 Reasons to Work with a Licensed Insolvency Trustee

There are a lot of different types of debt advisors in Ontario and across Canada including federally Licensed Insolvency Trustees, accredited not-for profit credit counsellors to for profit debt consultants. Here are 8 reasons why you should consider contacting a Licensed Insolvency Trustee:

1. Unmatched Expertise: Our LITs undergo rigorous training and are some of the most qualified debt professionals in Canada.
2. We Offer More Than Bankruptcy: Many clients avoid bankruptcy by filing a consumer proposal — a government-approved debt settlement program.
3. No Upfront Fees: Consultations are always free, with no obligations.
4. Affordable Debt Solutions: Consumer proposals often settle debts for as little as 20-30% of what you owe — with no interest.
5. You’re Protected: We’re regulated by the government and follow strict ethical guidelines.
6. We Work for You — Not Your Creditors: Our role is to ensure fairness, not to side with creditors.
7. We Make It Simple: Debt relief can be overwhelming — we simplify the process.
8. We Care: Our team approaches every case with empathy and understanding.

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Frequently Asked Questions

Hoyes Michalos — Trusted Licensed Insolvency Trustees Across Ontario

Proudly helping Ontarians achieve debt freedom since 1999.

You don’t have to face debt alone. Whether you’re considering bankruptcy, a consumer proposal, or just need advice, Hoyes Michalos is here to help.

Contact us today for your free no-obligation consultation with a Licensed Insolvency Trustee.