Bankruptcy Alternatives

You’ve got overdue bills and expenses, but you want to avoid filing for bankruptcy. You’ve tried budgeting or cutting back, but nothing’s quite working to get you out of the cycle of debt. If this sounds familiar, there are other options to help you take control of your finances and become debt-free. At MNP, we will look at all of your options with you to discover which solution will work best for your individual situation.

Choose one of the alternative bankruptcy options below to learn more.

Consumer Proposal

With a consumer proposal, you’ll work with a Licensed Trustee to put together a formal agreement that will pay your unsecured creditors a percentage of what you owe over a set period of time. You will combine your various debts into one monthly payment, which may be significantly less than what you currently owe.
Learn more

Orderly Payment of Debts

You’ll file an application for a Consolidation Order to combine your payments to unsecured creditors into one single payment that's distributed through the courts. This option is only available in Alberta and Quebec.
Learn more

Debt Consolidation

You'll combine all debts into one loan with a fixed interest rate and make a single monthly payment to your financial institution.
Learn more

Credit Counselling

You'll team up with a third party organization to explore your current debt situation and have a credit counsellor negotiate with creditors on your behalf for a more flexible, realistic repayment plan.
Learn more

Informal Debt Settlement

You'll work directly with each creditor on creating a more flexible, realistic repayment plan.
Learn more

Other Options

There are a number of other short-term debt solutions, however there are some key considerations you must take into account before pursuing them. If you find you are relying on any of these solutions and aren’t able to completely eliminate your debt, it may be time to investigate one of our Life-Changing Debt Solutions.
Learn more


Our team of Licensed Insolvency Trustees will help you explore the debt relief options available to you and together we will find the solution that best fits your situation. Set up your FREE, no obligation consultation today.

GET A FREE CONSULTATION

MNP is committed to protecting your privacy. We promise to keep all of the information you share with us confidential.

MNP Debt Blog

 

 

Informal Debt Solutions: What Are Your Options?
Sherry Tarasoff
Rising Interest Rates Pose Challenge for Canadian Debtholders
Tanya Reynolds
Surprise Rate Hike Signals Time to Reduce Debt
Darrin Surminsky
What Debt Collectors Can and Cannot Do
Tina Powell

view all