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.
Our Life-Changing Debt Solutions are designed to permanently get you out of debt once and for all – so you can stop worrying and start living again.
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.
There are several common scenarios which may cause you to wonder whether personal bankruptcy is an appropriate option to get out of debt. These include:
If any of those sound familiar, it will be helpful to understand the criteria required to qualify for an assignment in bankruptcy under the Bankruptcy and Insolvency Act of Canada.
Types of Bankruptcy
Before we continue, it is important to note there are two types of bankruptcy – voluntary and involuntary.
As it sounds, you initiate a voluntary bankruptcy when you visit a Licensed Insolvency Trustee as a measure to eliminate unmanageable debt. Conversely, involuntary bankruptcy occurs when your creditors petition the courts to place you in bankruptcy as a means of recovering a portion of your outstanding debts.
To qualify for a voluntary assignment in bankruptcy in Canada, you must owe at least $1,000 to a single creditor or $1,000 between multiple creditors. Above that, you will either:
If one or more of your creditors determines they are unlikely to receive full or sufficient partial payment to satisfy your total outstanding debt(s), they may initiate court proceedings to have you forced into bankruptcy. This will guarantee them a portion of your liquidated assets and potential income contributions to your bankruptcy estate.
The courts review these matters on a case by case basis to determine whether involuntary bankruptcy is the correct course of action in your and your creditors' unique situation.
Bankruptcy Protections and Benefits
If you are heavily in debt, there are several benefits to filing an
assignment in bankruptcy. These include:
You Have Options
Free Confidential Consultation, a Licensed Insolvency Trustee will review your unique situation and explain all the available options to resolve your debt challenges. Whether you qualify for a Life-Changing Debt Solution such as personal bankruptcy or
Consumer Proposal – or would achieve greater benefit from a different strategy, they will help you make the choice that's right for you. No matter the path you take toward a financial fresh start, an MNP Licensed Insolvency Trustee can get you on track and help you defeat debt for good.
Based out of Abbotsford,
Linda Paul is a Licensed Insolvency Trustee and Senior Vice President at MNP LTD. To learn more about how MNP Debt can help, contact our local office at 310.DEBT (310.3328) or toll-free at 1.877.363.3437.
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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