Financial difficulties can be overwhelming, especially when the complexities of insolvency add to the stress. Many people struggle, as not every Licensed Insolvency Trustee (LIT) in Calgary can deliver effective solutions.
To ensure the most accurate and comprehensive rankings, I consulted local financial experts to help me filter through Calgary’s best LITs. Through these expert consultations, I gathered invaluable insights into the qualities that set exceptional LITs apart.
Each trustee has been ranked and reviewed based on various criteria, which I’ll also discuss here. So, if you have financial setbacks as an individual or business, these LITs can make a difference.
| How much do licensed insolvency trustees’ services cost in Calgary? The average cost of hiring a licensed insolvency trustee in Calgary starts at $1,800. However, most LITs offer free consultations, and there are instances (when bankruptcy isn’t necessary) when a client only has to spend $750 for the filing fee for a Consumer Proposal. |
Table of Contents
1. MNP LTD
Location: 112 4 Ave SW Suite 2000, Calgary, AB T2P 0H3, Canada
Contact: +1 403-538-3187
Opening Hours: Monday – Friday | 8:00 AM to 5:00 PM
MNP Debt caught our attention with its straightforward process. Everything starts with a free, confidential consultation that’s easy to book via their website. This is where the client’s financial profile is reviewed to determine the best course of action.
We love how their LITs (License Insolvency Trustees) will consider all the possibilities before deciding to file for bankruptcy. Possibilities include debt consolidation and debt management. If any of these options can no longer support your debt, then they will assist you with filing for bankruptcy.
We also appreciate that they provide special services to those who went into debt due to addiction. MNP helps them get back on track by contacting third-party organizations such as Alcoholics Anonymous, Legal Aid Services, and the Canadian Mental Health Association.
Our only issue is that there were instances when they were difficult to reach via email. We advise contacting them via their phone or website for any urgent inquiries or follow-ups.
Pros
- Helps clients reach out to non-financial needs organizations
- Life After Bankruptcy services offered
- Free, confidential consultation
- Comprehensive financial review
- Consultation and review are easy to book
Cons
- Can be difficult to reach via email
Customer Reviews
Helpful and non-judgemental
“I was so stressed over falling behind in my payments and constantly worried that I was falling further and further behind . Finally took the first step to get help. Contacted MNP and life began to stop spinning out of control. They were non judgmental, and super helpful. Explained the process and guided me in the process . Best email sent . I am now able to sleep and get on with living life.”
— Mary Anne Compagnon | Google Reviews
Informative and stress-free service
“Everyone I talk to is so informative and friendly. They did absolutely all they could to help me free myself of my financial stresses. I’m ever grateful for the peace of mind they have given me. And the knowledge moving forward to prevent getting myself into that situation again.”
— Amy Tholenaer | Google Reviews
2. Bromwich + Smith
Location: Calgary, Canada
Contact: +1 855-884-9243
Operating Hours:
Monday-Thursday: 5:30 AM – 8:00 PM
Friday: 5:30 AM – 5:00 PM
Saturday: 8:00 AM – 5:00 PM
What sets Bromwich+Smith apart from the previous trustees is their award-winning services. They’ve been awarded a Top Choice Award for their credit counseling and a Platinum Award for reader choice, guaranteeing quality services.
We also found their Client + Creditor Package Request, which collects data from both the client and the creditor, to be a helpful credit-building solution. The information gathered can then be used to set up a budget planner for the client and help build back credit score.
Their track record is also strong compared to other trustees, with a high debt reduction rate of up to 85% and a 0% interest rate for debt payments. This helps clients lower their debt while also preventing further financial setbacks.
However, we heard some reports of unprofessionalism, with clients mentioning rude staff. The company had addressed the feedback and had assured clients that they were working on bettering their services.
Pros
- Award-winning company
- Offers client and creditor package
- States clearly where client assets will go or stay
- Up to 85% debt reduction rate0% interest for debt payment
Cons
- Issues with professionalism
Customer Reviews
Nice and friendly staff
“I was anxious about the call, but Randi was nice and she sounded so friendly that it eased me to talk to her right away. Rick Hamilton accommodated both my hubby and I on the same call and it went smoothly. He was accommodating and he made us feel positive about the whole thing. He explained a lot of the stuff we need to know and what to expect after signing. I’d never thought I’d be signing up for a consumer proposal, so I was anxious. But he made us feel that we’re not failures and that we made the right choice. We’re thankful”
— Ish Fabra | Google Reviews
Helpful and informative
“My first contact was Bassel and he was very helpful and informative. He spent quite a bit of time explaining everything to me and helped prepare me for my next step. I completed the final stages with Nicole and she was great.”
— Linda Capener | Google Reviews
3. Hudson & Company
Location: 625 11 Ave SW Suite 200, Calgary, Alberta
Contact: (587) 355-6913
Operating Hours: Monday – Friday | 8 AM to 4:30 PM
If you’re trying to find a trustee who offers a wide range of services – from personal bankruptcy to debt settlement services and even larger business bankruptcy – then consider Hudson & Company. They cater to a wide range of clients and provide effective debt relief solutions.
Their personal bankruptcy service guides you through filing, meeting obligations, and discharge within 9 to 21 months. And after a series of on-site visits, we found their professionals to be friendly and patient when explaining solutions.
With over 40 years of experience, their team has handled complex bankruptcy cases. That’s why we see them as a compelling choice for individuals with high-profile debt at skyrocketing interest rates.
However, some clients mentioned concerns about feeling pressured to sign contracts. The company did explain that these instances involved clients pushing for procedures against legal guidelines, which is naturally difficult to overcome.
Pros
- Over 40 years of experience
- Deep understanding of federal and provincial laws
- Friendly and professional
- Extensive range of services
- Can handle business bankruptcy
Cons
- A few reports of clients feeling pressured to sign contracts
Customer Reviews
Incredible and excellent debt advice
“Greg was so incredible and his company offered excellent debt advise all awhile being extremely professional throughout and I found it quite easy to find solutions. I recommend anyone struggling right now with creditors to make the call. You will be able to relief your stress. 👍”
— Lisa Jamieson | Google Reviews
Enjoyable and offers the best interest in mind
“I recently had a phone conversation with Greg. I explained my circumstance with a particular debt that I have. Greg provided me with some incredible information about my situation, outlining options that I shouldn’t pursue and the reasoning behind each. He then offered several options with both pros and cons for each solution. I enjoyed the conversation, feeling no pressure one way or another, and felt he had my best interest in mind. I highly recommend Greg at Hudson and Company. I appreciate your time, thank you!
Reid”
— Reid Lucas | Google Reviews
4. BNA Debt Solutions
Location: 703 64 Ave SE #150, Calgary, AB T2H 2C3, Canada
Contact: +1 403-232-6220
Opening Hours: Monday – Friday: 8:00 AM – 5: 00 PM
BNA Debt Solution offers a more straightforward approach to bankruptcy filing, discussing every detail the clients need to know. This enables the clients to become aware of what will happen during the process.
Looking further into their bankruptcy policies, we also find it great that they don’t have hidden charges regarding proposals or bankruptcy payments. All their fees are based on the Federal Government legislation that guarantees you’ll only pay what you owe.
Another thing to note is their 25 years of experience, which guarantees expertise. Most clients mentioned to us that they provide regular monitoring, messages, and calls, keeping them in the loop at all times.
Additionally, they’re in good standing with both the Alberta and Canadian Associations of Insolvency and Restructuring Professionals (A.A.I.R.P. and C.A.I.R.P.). This guarantees that they’re also well-connected to relevant organizations.
Some clients did report communication issues, such as not receiving a promised call. However, this seems to be only with general inquiries, not with clients they’re already working with.
Pros
- In good standing with the AAIRP and CAIRP
- No hidden charges
- Constant communication and updates
- Payments based on federal legislation
Cons
- Minor issues of not sending calls back
Customer Reviews
Supportive and helpful during stressful times
“So very thankful for the support BNA provided through a stressful period of my life. They walked me through every step and had regular check ins. Finally things were resolved and I shudder to think where I’d be without their help. I can breathe easier now thanks to Barry’s group.”
— Ron Arias | Google Reviews
Compassionate, understanding, and professional
“At a crossroad stage in my life when everything piled on me at once, I reached out to BNA for options to reset my future. They were kind, compassionate, understanding and professional. Thanks Simmie for all of your help.”
— Ron Jordan | Google Reviews
5. BDO Debt Solutions
Location: 5800 2 St SW, Calgary, AB T2H 0H2, Canada
Contact: +1 403-777-9999
Opening Hours: Monday – Friday: 8:30 AM – 5:00 PM
If you’re looking for a more in-depth understanding of filing for bankruptcy, then BDO Debt Solutions is a good choice. They carefully assess each factor in your debt, explain your debt relief options, and ensure you understand how each one works.
When you’re filing for bankruptcy, BDO Debt Solutions guarantees that you will be free from unsecured debts within 9 months and then be on the road to raise your credit score again.
In line with that, they’ll assist you in creating a budget and defining a repayment strategy. They can also help you file for debt help options from debt consolidation to debt forgiveness programs, such as a consumer proposal or bankruptcy.
What really caught our eye is how their consumer proposals can easily bring down the cost of what their clients will pay. For instance, one client had a debt of $95,000 brought down to $43,700 – a reduction of 46%. Typically, they can reduce your debt load by 30 to 80%.
Previous clients praised their friendly approach but noted concerns about the $1,000 minimum debt requirement for bankruptcy. However, this is standard among other companies.
Pros
- Comprehensive bankruptcy process
- Offers debt counseling
- Friendly and approachable attitude
- Strict compliance with bankruptcy regulations
- Solid track record of great reduction rates
Cons
- Minimum debt requirement imposed
Customer Reviews
Incredibly helpful and knowledgeable
“I called BDO Debt Solutions office and was connected with John Lee, one of their trustees. He was incredibly helpful and knowledgeable, providing great advice that comforted me during a tough situation. In just 30 minutes, he offered valuable insights. I highly recommend him to anyone seeking the best advice in a short amount of time.”
— Touraj Rahi | Google Reviews
Beneficial and extremely pleasant experience
“My experience with John was extremely pleasant. Although we did not talk for very long I feel the short phone call I had with John was very beneficial for me and my current situation. I highly recommend him to anyone who needs help managing their debt! His openness and honesty was very appreciated! Thank you for your help John!”
— Ryan T | Google Reviews
