Trustees in Bankruptcy
A Trustee in Bankruptcy is appointed by the Superintendent of Bankruptcy to administer Bankruptcies and Consumer Proposals.
The Bankruptcy Trustee represents BOTH the creditor and the consumer. This places bankruptcy trustees in a precarious position because if no one files for bankruptcy then they have no business.
In the past 5 years Trustees in Bankruptcy have begun aggressive advertising to draw people struggling with debt into their offices.
This is very dangerous because when you consult a Trustee in Bankruptcy they will be friendly, identify with how you feel and offer support. You will leave feeling like they care about you and they exist to protect you.
But Bankruptcy Trustees get paid based on the size of Consumer Proposal they negotiate and earn more money if you file a bankruptcy and have surplus income.
Once you sign on the dotted line, you become committed to the Bankruptcy Trustee and they no longer are in a role where they are selling you on filing, but rather become involved in every part of your financial life.
When you hire DebtCare Canada we represent YOU not your creditors. We work with you to make the tough financial decisions and if it is determined that a Bankruptcy Trustee needs to be brought in, we will supervise the process and structure your information in a way that is honest, favourable and results in a fair settlement.