If you’re looking to break free of personal debt once and for all, we can help. We provide debt and bankruptcy solutions that are life-changing and permanent, so you can erase debt from your life.
Debt can be overwhelming. For that reason, our Licensed Insolvency Trustees are always here for you. let’s discuss the options available to you. Your debt-free future starts now.
A discharge releases you from the legal obligation to repay the debts you had as of the date you filed for bankruptcy, except for specific types of debts that are excluded by the law.
The Certificate of Full Performance has the same effect as a discharge from bankruptcy. You are now released from legal obligation to repay the debts you had as of the date you filed your Proposal, except for specific types of debts that are excluded by the law.
The Office of the Superintendent of Bankruptcy reports a list of everyone who filed bankruptcy or a Consumer Proposal to the credit bureaus, as well as a list of everyone who has been discharged. The creditors check your credit report to see if you are bankrupt or in a Proposal.
If you had any debts that did not qualify for discharge you will have to make arrangements to pay those creditors. (See FAQ #3 and discuss with your Trustee)
See FAQ 4 & 6
See FAQ's 6 and 10
No, whether you can obtain credit after your discharge from bankruptcy will depend on your ability to convince lenders of your financial maturity and ability to repay the debt. There are no guarantees, no one is required to give you credit.
You will need to improve your credit score before you can obtain a mortgage and you will need a down payment. Start by saving and obtaining small credit balances and paying them off before the due dates to improve your credit score.
There are many factors to consider when choosing the right credit card. The Financial Consumer Agency of Canada has a credit card selector tool and can help you understand the fees, costs, rewards and benefits of each credit card.
Your spouse may have signed an agreement or contract either co-signing or jointly signing for liability. For example, you may have a supplemental credit card for your spouse or your spouse may be a guarantor on one of your loans. If so, your spouse is responsible for paying the balance of this debt.
See FAQ 18
You may owe tax for the post-bankruptcy period, the part of the year after your date of bankruptcy up to December 31. If you owe tax for this period you are responsible for paying it.
Secured creditors (like vehicle finance companies) retain their rights under their contract, even after bankruptcy or Proposal completion. If you fail to meet the contractual obligations, the creditor can repossess the collateral (i.e. car, ATV, Boat). In some provinces, the secured creditors can still collect from you for the deficiency, even after repossession. Ask your Trustee if this applies to you.
If you fail to pay your mortgage, your mortgage company can commence foreclosure proceedings, before, during or after bankruptcy or a Proposal. If you are finished your bankruptcy or Proposal and are concerned you are going to miss your mortgage payments you should contact your mortgage company immediately and try to negotiate with them.
If you are discharged from bankruptcy you are once again free to liquidate your assets. However, before cashing in your RRSP's or other investments there are tax implications and lost future income to consider. It is recommended that you consult with a financial planner to determine the costs and benefits of doing this.
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*310-DEBT doesn’t operate in MB, NW ON and QC.
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