Pre-pandemic Consultations
Pre-pandemic, a Licensed Insolvency Trustee (“LIT”) was required to see all debtors in person prior to them filing a bankruptcy or proposal. The LIT had to perform an in-person assessment of the debtor’s financial situation and discuss the merits and consequences of possible solutions, the rights and responsibilities of the debtor, surplus income requirements, discharge, etc.
Post-pandemic Consultations
When COVID hit, the Office of the Superintendent of Bankruptcy (“OSB”) authorized LITs to perform the assessment virtually to ensure continued access to the insolvency system. Post-pandemic, many trustees in our insolvency community fought to return to the requirement to see debtors in person to ensure our profession would be able to continue to offer in-person services to those who really need them. Currently, LITs are obligated to offer an in-person or videoconference assessment at the debtor’s informed choice.
At Taylor Leibow, all of our initial assessments and signups are with the LIT.
Personally, I prefer in-person meetings as I feel sitting across a desk allows both of us to obtain a better comfort level with each other. We are able to pass documents back and forth, better read non-verbal cues from each other, offer a coffee to calm nerves and sometimes even a tissue when emotions become overwhelming. Meeting at our Hamilton and Burlington offices also allows you to meet our administrative team, who you will be dealing with on a regular basis. Having a smiling face greet you as you walk into what you may feel is an intimidating meeting provides comfort.
Virtual meetings do provide a flexible option if your work schedule, family commitments, or health hinder you from meeting in person.
Reach out to Taylor Leibow Inc. if you are struggling with overwhelming debt. I would be happy to meet you in our local offices in Hamilton, Burlington, and St. Catharines or virtually if that is your preference. Either way, we are ready to talk when you are.
By Kathy Lenart – Insolvency Partner, Licensed Insolvency Trustee
CPA, CA, CIRP
Canadian Association of Insolvency and Restructuring Professionals (CAIRP)
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