A Licensed Insolvency Trustee (LIT) is a person licensed by the Canadian Superintendent of Bankruptcy. A LIT can: give a debtor information and advice about the bankruptcy process and alternatives to bankruptcy administer consumer proposals and bankruptcies manage assets held in trust make sure that both the debtor’s rights and the creditor’s rights are respected A LIT is ethically and legally obligated to provide you with objective, unbiased advice on your options. They will not ‘sell’ you into bankruptcy. If another option makes sense, the trustee should advise you of this. You must use a LIT to file a consumer proposal or bankruptcy. A LIT is not the same as a financial advisor. A financial advisor (who is not also a LIT) is not licensed and is not qualified to advise you on your options. To find a Licensed Insolvency Trustee, visit the Government of Canada’s website. Last Reviewed: October 2020