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What to bring to a Licensed Insolvency Trustee meeting

Posted on 16 August 2023

Written by Graeme Hamilton

If you are finding your financial situation challenging, or are facing mounting debt, you probably want to consider meeting with a Licensed Insolvency Trustee. Licensed Insolvency Trustees are the only professionals in Canada legally able to file all forms of debt relief. This makes them expertly placed to review your financial circumstances, and advise you on the best form of debt relief if you do not know where to turn. At Spergel, our Licensed Insolvency Trustees offer a free initial, no obligation consultation. We treat all individuals with compassion and understanding, and unlike other bankruptcy firms, you are assigned your very own Licensed Insolvency Trustee to walk you through your entire debt relief journey, instead of being passed from person to person. In this article, we share key considerations and what to bring to a Licensed Insolvency Trustee meeting in Canada.

What is a Licensed Insolvency Trustee meeting?

In Canada, Licensed Insolvency Trustee meetings are a crucial part of helping individuals and businesses facing financial trouble or substantial debts to regain control of their financial situations. The meetings offer a chance to discuss debt relief strategies, different pathways, and solutions to address challenges centres around debt. If you are preparing to have a Licensed Insolvency Trustee meeting, it is essential that you try to have the necessary items with you to get the most of our your meeting. Below, we share the essential things to bring to your Licensed Insolvency Trustee meeting so you know what to expect.

What to bring to a Licensed Insolvency Trustee meeting

Here are some of the essential items you should prepare to bring to your Licensed Insolvency Trustee meeting. At Spergel, we can help you with exactly what you need to bring and what to expect from your first meeting.

Identification and documentation

For your first meeting, you should bring identification documents, like a government-issued ID or driver’s license. Other relevant financial documents like bills, invoices, loans, and credit card statements are all useful too in helping your Licensed Insolvency Trustee to understand your financial circumstances and offer bespoke advice.

Financial statements

Accurate financial statements are important for helping your Licensed Insolvency Trustee to assess your situation. Statements that show your income, expenses, assets, and liabilities are useful in helping to paint this picture, and to suggest appropriate debt relief solutions.

Information on your assets

Each province in Canada has different laws around which assets are exempt from your creditors, and which are not. This list is updated each year. See, for instance, Ontario bankruptcy exemptions. It is a good idea to bring a list of your assets with you to your meeting, as well as the approximate value. This does not need to be excessively detailed – just an idea of the value of any property, cars, or RRSPs, for example, should suffice.

A list of creditors

A helpful addition for your meeting is a comprehensive list of your creditors, including their contact information and any owed balances. This information can help your Licensed Insolvency Trustees to understand your debt obligations, and will help them form a plan for you to manage your debts and negotiate effectively with creditors.

Any questions you might have

There are no doubt questions and possibly some concerns you have when it comes to your financial circumstances and gaining debt relief. At Spergel, our experienced Licensed Insolvency Trustees are true experts in debt relief and financial challenges, and can provide you with the advice you need. It is a good idea to come armed with any questions or worries you have so that your Licensed Insolvency Trustee can alleviate your concerns. Unlike other bankruptcy firms, you will be assigned your very own Licensed Insolvency Trustee at Spergel to see you through the entire debt relief journey, instead of being passed from person to person.

A proposed budget

Creating a budget is a good first step in regaining control over your finances. You can get started by recording your monthly income, expenses, and any other outgoings that your Licensed Insolvency Trustee should be aware of. The more transparent and detailed you can be, the better. Your Licensed Insolvency Trustee can then review your finances and recommend the most appropriate form of debt relief.

An open mind

Your Licensed Insolvency Trustee meeting is a good opportunity to learn about potential pathways to debt relief. By arriving at your meeting with an open mind and a willingness to learn, you will take the most from your meeting. After all, the goal of the meeting is to find the best pathway to financial stability, and your Licensed Insolvency Trustee is there to steer you. Through working closely together and sharing accurate information, you will find a smoother resolution.

A friend or family member

At Spergel, we understand that financial matters can be emotionally exhausting. We treat every individual with compassion and understanding. If you feel that you need additional support, you may wish to bring a trusted friend or family member with you. They can help to provide moral support and help you keep focused throughout your meeting.

A pen and paper

It is important to take notes during your Licensed Insolvency Trustee meeting – this is helpful to remembering the advice and debt relief options you will discuss. A pen and paper – or a laptop or digital device – is essential for note taking.

A Licensed Insolvency Trustee meeting is intended to empower you to overcome your financial challenges. By coming well prepared, you can give your Licensed Insolvency Trustee the information they need to create a strategy for your debt relief. Book a free consultation with Spergel today – by working with us, you will be on the pathway to financial recovery in no time at all.

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Graeme Hamilton

Graeme Hamilton is a Chartered Insolvency and Restructuring Professional with over 10 years’ experience as an LIT (Licensed Insolvency Trustee). He is also Spergel's resident expert on bankruptcy and debt relief in the Ontario region. Prior to establishing his career in the insolvency industry, Graeme lived in Cambodia doing volunteer work with NGO's.

Schedule a Free Consultation with Graeme Hamilton (or your local Spergel LIT) by:

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What to Bring to an Appointment

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