Ontario Government To Crack Down On Debt Settlement Companies

Today the Ontario government announced plans to impose regulations on debt settlement companies who advertise the ability to reduce the debts of consumers by up to 70% of more. They claim to be able to stop collection action and harassment by creditors or their agents. Read the complete article in theToronto Star here. These debt settlement companies are also known to charge significant fees with very limited or no benefit to debtors. Only aTrustee in bankruptcy, licensed by the Office of the Superintendent of Bankruptcy, has the ability under the provisions of the Bankruptcy and Insolvency Act to stop collection action action and garnishments, for most debts, upon the filing of an assignment in bankruptcy or a consumer proposal. For a no cost, no obligation consultation to discuss a resolution of your debt issues, please contact yourlocal MNP office. Marvin Zweig, CA-CIRP, Trustee Markham, Ontario