There is a common myth that you shouldn’t go see a bankruptcy trustee, like me, because the trustee “works for the creditors” (the people you owe money to). Instead, according to the ads I hear on the radio and TV, you should go see a “debt consultant”, because they work for you. That’s ridiculous, for two reasons.
First, the debt consultant may not be working for you. Mostly likely they are working for themselves. Many debt consultants charge you a fee, and then send you to see a trustee. There is no point in paying someone a fee to refer you to a trustee. If you want to talk to a trustee, talk to one! You can phone my office in Cambridge at 519-622-3773 and book a free consultation.
Second, I don’t “work” for the creditors. When you file bankruptcy in Canada I’m appointed by the court to administer your bankruptcy. I don’t work for the creditors, and technically I don’t work for you either. I’m the “middle man”, and my job is to make sure all parties follow the rules (both you and the creditors).
If I worked for the creditors would I be stopping garnishments as soon as you file bankruptcy or a consumer proposal?
Obviously not.
It’s a myth that a bankruptcy trustee in Canada works for the creditors.
I discussed this on a recent appearance on 570 News; here’s the video with a complete explanation:
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