The benefits of meeting with a Licensed Insolvency Trustee virtually

In the wake of the COVID-19 pandemic, many are still working from home more than in an office and are choosing to meet virtually for personal and professional calls because they have the choice.

In this evolution of communication where convenience and accessibility are of the utmost importance, traditional methods of handling financial matters are also undergoing a shift.

Meeting with a Licensed Insolvency Trustee (LIT) virtually is one such financial situation that offers a myriad of benefits, not only in making the process more seamless but also by empowering individuals to take control of their finances from anywhere in the world.

Here are a few of the benefits of meeting with a LIT virtually:

Flexibility

Between work and familial responsibilities, your schedule probably fills up fast. By meeting with a LIT virtually to discuss your financial needs, you have more flexibility to pick a day and time that suits you best. Virtual meetings, either over the phone or on a video call, eliminate the need for stressful and time-consuming commutes and rigid appointment times, giving you the ability to schedule your call on your terms.

Time savings

The insolvency process can be stressful for many reasons, not the least of which being the time commitment needed to make it happen. In-person meetings often include the commute to your LIT’s location, waiting for the appointment and filling out paperwork before making the trip back home. Virtual meetings with a LIT streamline these processes, allowing you to bypass unnecessary or unpredictable delays and get straight to the heart of the financial matters. When dealing with insolvency, the time-saving advantage is particularly crucial as it allows you to address your concerns promptly and move toward financial recovery and freedom with speed.

Support when you need it

One of the key benefits of virtual LIT meetings is that you can have your support system with you whenever you need it. Whether you’re at home surrounded by family or at a friend’s house having dinner, the virtual setting allows you to have your loved ones by your side during these important conversations. The emotional and moral support of those closest to you can be a powerful motivator and help ease the stress of the situation.

Anonymity and privacy

For many, the prospect of discussing serious financial challenges can feel shameful and embarrassing. A virtual meting offers a level of anonymity that may be comforting and may enable you to share your financial struggles without fear of judgement, helping foster a relationship of trust between you and your LIT. In any situation, a LIT is committed to maintaining the highest standards of confidentiality to ensure your privacy is maintained.

Accessibility

Geographical barriers do not exist for virtual LIT meetings. By choosing to consult with a LIT by phone or video call, you can access the expertise you need from anywhere in the world. Whether you’re comfy at home or in another continent, your LIT can help you start your journey to financial freedom virtually, anywhere, anytime.

Trustee requirement to offer choice of in-person or virtual

As per the Bankruptcy and Insolvency Act of Canada, all LIT’s are required to offer you the choice of in-person services or by videoconference, giving you the chance to make a fully informed choice. Even if the initial assessment is done by phone or video call, the debtor retains the ability to choose to access in-person services at any time meaning your LIT is nearby.

Often, the first call is the hardest one to make. Knowing your options and understanding the benefits of virtual versus in-person meetings with a LIT is only a choice you can make.

If you are dealing with a stressful financial situation and have debts that are becoming overwhelming, reach out to your local LIT to go over all debt solutions available to you, including formal insolvency options such as the Consumer Proposal or Bankruptcy.