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.
Debt can be overwhelming and confusing, but it doesn't need to be. Our Licensed Insolvency Trustees have answered the Frequently Asked Questions we've been asked about Bankruptcy, Consumer Proposals and other debt relief options.
The first step in combating debt is to analyze where you are spending your money. If you see a clear way to stop incurring more debt and take action immediately to consistently spend less, you may be able to regain control on your own. However, if your financial troubles persist, an MNP Trustee can discuss different options with you such as Consumer Proposals, Bankruptcy or put you in contact with a Credit Counselling organization during our free confidential consultation.
A Consumer Proposal is for individuals that still have a source of income and are able to make payments to creditors, but need to change the arrangement of their payments. A Consumer Proposal can change the length of payment (up to a maximum term of 5 years) and the overall amount the debtor is required to pay. Whereas a bankruptcy can be considered a clean start, as debts to unsecured creditors are typically forgiven. A bankruptcy lowers your credit rating to the lowest score (R9), while a Consumer Proposal has less impact on your rating (R7).
Consumer Proposals and bankruptcies are both government legislated options which can provide you with relief from significant
debt problems. In addition, both debt solutions can only be administered by a Licensed Insolvency Trustee and provide a legal
stay of proceedings which require creditors to discontinue harassing collection calls, garnishment or other legal proceedings.
Determining which, if either, option is an appropriate solution in your own unique situation depends on a number of variables.
Let’s explore the advantages and disadvantages of both a Consumer Proposal and a bankruptcy.
Bankruptcy isn't the only option. Numerous solutions including a Consumer Proposal and other options may be available. Our Debt Calculator can provide an idea of the best debt solution for you or you can contact an MNP office today to discuss your options with a Trustee.
Insolvency is a formal term from bankruptcy law. If you are insolvent, it means your liabilities or debts exceed the value of your assets. You would also be considered insolvent if you are unable to pay your debts on time. This is an important consideration in financial analysis and credit matters.
Licensed Insolvency Trustees (LITs) are highly qualified debt professionals who are federally regulated. Licensed through the office of the Superintendent of Bankruptcy, LITs adhere to a firm code of ethics and strict government regulations. As such, Licensed Insolvency Trustees are the only professionals who can file Consumer Proposals and bankruptcies on behalf of both individuals and corporations.
The role of a LIT is to do a thorough review of your unique financial situation and to ensure that your rights are not abused while protecting the rights of your creditors.
In order to best protect consumers and corporations struggling with insolvency, the Office of the Superintendent of Bankruptcy has indicated that they will be more aggressive in sanctioning parties who attempt to identify themselves as providing the same services as Licensed Insolvency Trustees without in fact being licenced to do so. Anyone can offer debt relief advice or services in Canada but not all are licensed by the federal government to act as a Licensed Insolvency Trustee.
There are several differences between a Licensed Insolvency Trustee and an unlicensed debt consultant. These include:
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
MNP is committed to protecting your
privacy. We promise to keep all of the information you share
with us confidential.
*310-DEBT doesn’t operate in MB, NW ON and QC.
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