I am not familiar with the specific term, “bankruptcy advocate”; however, there are agencies that will charge a fee to refer an individual to a Trustee in Bankruptcy. Some of these agencies will fill out the bankruptcy paper-work, meet with you and your Trustee and state that they can provide other services, such as credit repair and other things.
Here are some things to keep in mind:
You should never pay a fee to be referred to a Trustee in Bankruptcy. You can find a Trustee through the Yellow Pages, online, or through the Office of the Superintendent of Bankruptcy website.Unless your situation is very complex (this is rare), you simply do not need an “advocate”. Although the Trustee does not act as your “advocate”, part of the Trustee’s role is to advise you of your duties and obligations, rights and responsibilities and provide you with all of the necessary information and resources to successfully make your way through the bankruptcy process.If the Trustee feels that you should have an “advocate” (again, this is rare and only in complex cases), a lawyer is the best professional to use and your Trustee can refer you to a lawyer who specializes in insolvency.No one can repair your credit following a bankruptcy. Credit reporting rules (contact Equifax or TransUnion Canada for more details) dictate how a bankruptcy will impact your credit rating. Without exception, a bankruptcy will remain on your credit report for a period of six years following your discharge from bankruptcy (this applies to a first-time bankrupt only). The Trustee will spend some time talking about future credit use in one or both of the mandatory financial counseling sessions.
I hope this helps. If you need more information, feel free to call me.
Regards,
Lana Gilbertson, Trustee in Bankruptcy
MNP – Vancouver
604 637 1599
