Chester Syzpulam, a Licensed Insolvency Trustee at BDO, explained the role of a LTI in working with individuals to resolve serious financial problems.  Under a trustees guidance individuals can arrange for consolidation of debt, a consumer proposal or as a last resort bankruptcy.  There is an increasing trend for individuals needing this type of help - up more than 10% from last year.  Trustees are regulated by legislation under Canada Revenue and are officers of the court and responsible for fair dealing with creditors and debtors.  Two financial counselling sessions are part of the the debt services under this legislation.  Fees for a trustee are paid as part of the resolution to debt programs under a tariff set by the legislation.
 
Chester also provided informaton about financial wellness and recommended everyone check their