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Is a Bankruptcy Trustee working for You?

By Chris Grew

When we think about filing bankruptcy, we often think that we will be in the hands of the court and protected from your creditors. In some ways this is true, but you will actually have to pay fees to the Bankruptcy Trustee and just because you are paying their fees, this does not mean they are representing you.  Please read this article if you are looking for debt help, debt consolidation or are considering a debt restructuring plan to settle your debts.

In fact, a Bankruptcy Trustee isn’t appointed to you. You choose one.

The role of the trustee is to ensure that personal and corporate insolvencies are followed based on the Bankruptcy and Insolvency Act – a process where both the creditor and consumer must follow the bankruptcy rules. The definition of the trustees role is as follows:

‘The trustee is an officer of the court who acts on behalf of the creditors in a fiduciary capacity’

In plain English, it means that your bankruptcy trustee isn’t neutral. They have a duty to get the best return for your creditors.  When Bankruptcy Trustees represent the creditors, then they cannot represent you.  Insolvencies are complex financial situations that require specialized expertise.  Consumers who seek their own representation tend to have much better financial outcomes than working directly with the Trustee (who represent the people you owe money too).

In life, there are always two sides to every situation.  You want to have your side represented as well.

I represent you, not the creditors.

Having intimate knowledge of the Bankruptcy and Insolvency Act, I consult with clients with their best interests at heart.  My goal is to protect their assets and settle their debt as aggressively as possible, at the lowest possible amount. Once the debt is restructured I begin your Credit Rebuilding Program.  At 4pillars, we offer the most comprehensive credit rebuilding program in Canada.  With the exclusive products that we offer our clients, we can usually get their credit rating back on track within about two years. More on your credit rating in my next article.

How to get Debt Help

If you are struggling and need debt help or are considering debt consolidation through a debt restructuring plan and want to explore the options available to you, call me. I provide a free, no obligation consultation.

About the Author:

Christopher Grew works and lives in Victoria, BC as a Debt Relief Specialist.  To learn more visit his Victora website or contact him directly by phone at: 250-880-1618.


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