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The 3 Best Licensed Insolvency Trustees in Markham [2024]

Markham combines the buzz of city life with a rich history and cultural heritage. But amidst the city’s many shades, some residents may be facing financial difficulties that call for professional help. And for more financial services in Markham, be sure to check out:

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For those individuals, we present the three best Licensed Insolvency Trustees in Markham who are ready to provide advice and solutions tailored to your unique situation.

1) Harris & Partners

Harris & Partners is one of Markham’s most established Licensed Insolvency Trustees, with a dedication to helping individuals overcome their financial troubles. They provide confidential advice and practical solutions to guide you to financial relief.

Business Information:

15 Allstate Parkway, 6th Floor, Markham, ON L3R 5B4

Customer Review:
“Staff members Samuel and Josh were both amazing. Both very friendly, professional, and efficient. They took care of my credit card issues and line of credit and made it manageable. I would highly recommend Harris & Partners Inc. They have given me a new life in my financial life to success.”

2) Krieger Debt Solutions

If you are struggling with debt, Krieger Debt Solutions can provide the guidance and solutions you need. They offer free consultations and are committed to empowering clients to regain control of their financial future.

Business Information:

3621 Highway 7 E Suite 412, Unionville, ON L3R 0G6

Customer Review:
“Took time out of his schedule to answer questions about my proposal thanks Krieger debt solutions. Best Licensed Insolvency Trustee in Markham.”

3) Ross Advisory Group

Ross Advisory Group delivers comprehensive insolvency services with a compassionate approach. They understand the stress that comes with financial strain and commit to providing services with integrity, professionalism, and respect.
Business Information:

3601 Highway 7, Suite 400, Markham, ON L3R 0M3 

Customer Review:
“I have been working with Joel Ross of the Ross Advisory Group Inc for several years. I highly recommend Joel Ross and the Ross Advisory Group. Our clients are now able to sleep at night and their problems are resolved.”
FAQs About Licensed Insolvency Trustees

A Licensed Insolvency Trustee (LIT) is a person licensed by the Superintendent of Bankruptcy in Canada. They are professionals who provide advice and services to individuals and businesses facing financial troubles. They administer bankruptcy and insolvency proceedings and can negotiate with creditors on behalf of the debtor.

LITs generally make money through fees derived from the administration of consumer proposals and bankruptcies. These fees are regulated by the Canadian government and can include a base amount plus additional costs for certain disbursements tied to administering the insolvency estate.

In most cases, the cost of a bankruptcy or consumer proposal is paid out of the assets or income of the debtor’s estate or sometimes by the debtor in installments. In other words, your payments go to your Licensed Insolvency Trustee, who then distributes this money proportionately among your creditors.

The cost of insolvency can vary greatly depending on the complexity of the financial situation and the type of proceeding (i.e., bankruptcy or consumer proposal). There are statutory tariff fees for trustees’ services in administering bankruptcies and proposals, which are governed by federal law. However, additional costs may arise for asset dispositions, legal fees, court costs, and other related expenses. It is best to discuss fees upfront with your trustee to get a clear understanding of potential costs.

Final Thoughts

An insolvency trustee can be a lifeline during challenging financial times. These three Licensed Insolvency Trustees in Markham each have a proven track record of supporting clients through insolvency, offering personalized advice, and concrete solutions.