March 24th, 2011 by Questions
I’ve had discussions with a credit counselling agency re. consumer proposal vs. bankruptcy but I’m still skeptical about the information I’m hearing from them as well as what I’ve been reading on different related sites. One of the points that the agency stressed was that they were working ‘for me’ and my benefit whereas a trustee works to get the greatest sum back for ‘the bank and creditors’. The agency also mentioned that they have trustees that they’re familiar with who will typically accept the CP offers or bankruptcies they file. I understand that there is a responsibility to ones creditors and I’ve been trying to pay things down for the past 3 years but i barely take a bite out of the interest and I’m not getting anywhere. So i guess my question is (as trustees) ‘who do your loyalties lay with? the creditors or the debtors?
Posted from: Ontario