McLennan and Company

Licensed Insolvency Trustee London Ontario

The Role of a Licensed Insolvency Trustee

When should you seek help?

If you are being harassed by creditors, if you are unable to meet your monthly credit card or mortgage payments, or if you are maxing out loans and credit cards to make ends meet, consider seeking professional help from a Licensed Insolvency Trustee (formerly Trustee in Bankruptcy).

What benefits does a trustee have?

If you are considering bankruptcy, your first step should be to meet with a Licensed Insolvency Trustee (LIT). LITs are individuals licensed by the Office of the Superintendent of Bankruptcy (OSB) to administer the bankruptcy process. They are the only debt professionals who can advise you on your full range of options.

What Will a Bankruptcy Trustee Do?

Once all of the forms have been filed, the LIT will deal directly with your creditors on your behalf. Once you have been declared bankrupt:

  • you will stop making payments directly to your unsecured creditors;
  • any garnishments against your salary will stop; and
  • any lawsuits against you by your creditors will also be stopped.

Bruce McLennan and the team at McLennan & Company have over two decades of experience assisting individuals and families in London and surrounding area with filing for bankruptcy, consumer proposals and more.

When are you discharged?

After the bankruptcy process is complete, you will be discharged. Discharge releases you from the legal obligation to repay the debts you had as of the date you filed for bankruptcy, except for specific types of debts that are excluded by law. These include alimony and child support payments and some student loans.

The timing of your discharge depends on a number of factors, including whether this is your first bankruptcy, and whether you are required to make surplus income payments..

Contact Your London Licensed Insolvency Trustee

McLennan & Company Ltd. wants to help you start over. Contact our head office in London, Ontario at 519-433-4728 or fill out an online form and someone will contact you within one business day to schedule a consultation.

 McLennan & Company Ltd. Licensed Insolvency Trustee Head Office is in London with Satellite Offices in Woodstock and Ingersoll.

We know that this is a difficult time for you and your family and we offer free initial consultations. For your convenience, in addition to our main office in London, we also have satellite offices in Ingersoll and Woodstock and offer flexible appointment times.