“WHERE THERE’S MUCK, THERE’S BRASS”
‘Where there’s muck there’s brass’ is a 20th century expression which originated in Yorkshire, England where brass is still used as a slang term for money.
Seems that Debt Settlement companies have been squeezed out by the passage of Bill 55 in Ontario but that squeeze has created opportunity for others.
Law firms and paralegal practitioners are apparently exempt from the provisions of Bill 55 and as such able to provide debt settlement services by acting as agents for clients.
However, caveat emptor (buyer beware) neither paralegal nor lawyer firms can file either bankruptcies or proposals. They may work with preferred vendors (Licensed Insolvency Trustees) who will file proposals but you will most likely be paying additional and unnecessary fees for their services.
Trustees are required to review all of your options statutory and non-statutory. However, having said that some options may not be available to you – such as making a debt settlement or informal proposal simply because you do not have the financial capacity to present such an offering to your creditors. In that case the trustee may not waste either their or your time in review options that are simply not available.
We strongly recommend that you speak with a local Licensed Insolvency Trustee before or at the same time as you consult a law firm or paralegal regarding your options. And remember that Trustees are licensed and regulated by the federal government and bound by a code of ethics requiring that they be impartial performing their duties.