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MNP Debt Blog

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When a debt is statute-barred, it cannot be brought to court and legally enforced because too much time has passed.

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Consumer Proposal vs Bankruptcy (MNP 3 Minute Debt Break)

For eliminating debt all-together, two widely used options for Canadian households are Bankruptcy and Consumer Proposals. Although both filings are legislated under the Bankruptcy and Insolvency Act, also known as the BIA, and must be filed by a Licensed...

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Life After Debt: Your Questions Answered

Congratulations! Now that your Bankruptcy or Consumer Proposal is completed, you are in the next phase of taking control of your finances. Without debt, you now have the freedom and opportunity to make financial decisions based solely on your goals —...

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Three questions to ask before taking out student loans

If you’re considering taking out student loans or securing financing for your education, there are certain questions you need to ask yourself, and perhaps your loan provider as well, before you jump in.

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Financial Scams (3 Minute Debt Break)

Financial scams have been around for decades. But they seem to have never been as common, insidious and invasive as they are today. It’s easy to assume you’ll never fall for a scam. But we’re all vulnerable, and we can all become victims...

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Seven signs you may be in financial trouble

Sometimes financial trouble seems to sneak up on you and turn your life upside down. But if you stop to think about it, debt doesn’t usually show up overnight — there are usually signs that you’re heading for financial trouble. The key is learning to...

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The Role of a Licensed Insolvency Trustee

A Licensed Insolvency Trustee (LIT) is an insolvency professional who has been licensed by the Superintendent of Bankruptcy in Canada to help individuals and businesses who are having difficulty paying their debt, administer Consumer Proposals and Bankruptcies...

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Tips for handling inflation to keep a balanced budget

Inflation is the measure of the rising price of certain goods and services. Statistics Canada measures it from month to month, based on a basket of goods that represents what a typical consumer would normally purchase.

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When Does a Full Payout Proposal Make Sense?

When you take on debt, the ideal scenario is always to pay it off in full, one way or another. Sometimes that goal becomes out of reach, which is why alternatives like bankruptcy and consumer proposals exist.

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