In short
Banks
They offer a variety of products (savings accounts, loans, credit cards) to help you manage your day-to-day finances. If you’re in debt, they can offer debt consolidation. This solution involves combining all your debt into one loan with a lower interest rate. However, you must meet certain criteria to be eligible.
Licensed insolvency trustees (LIT)
These experts are the only professionals who are legally authorized to manage insolvency proceedings. They can propose several solutions that can help you (consumer proposal and bankruptcy, for example). Once they set the ball rolling, they’ll handle your creditors and guide you through the process. If you have significant debt, they’re undoubtedly your best ally!