Licensed Insolvency Trustee (LIT) Definition: A LIT or Licensed Insolvency Trustee is a professional individual licensed and regulated by the federal government to provide financial advice and direction for businesses and individuals struggling with debt and related problems.
These professionals work with people to find solutions to their financial issues by setting attainable goals and reviewing options available. LITs help individuals make informed, reasonable decisions about financial challenges for short-term and long-term benefits.
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