MNP Debt Blog

After nearly a decade of historic lows, the Bank of Canada began increasing its key overnight interest rate in July 2017 in response to improving employment figures and a growing economy.

People often worry meeting with a Licensed Insolvency Trustee means they’ll be forced into Bankruptcy or a Consumer Proposal and not offered any other options.

With the steadily increasing record levels of consumer debt amongst Canadians, as a Licensed Insolvency Trustee, I am surprised by the number of people who contact me without having ever obtained their own credit report.

One of the first questions I typically ask my clients is this: “When was the last time you drew up a budget?”

Every parent knows just how busy – dare I say hectic – family life can be.

It’s not very often a bankruptcy is advertised in the newspaper – in fact, only about five percent of bankruptcies filed are ever listed in the paper.

Regret is one of the most common refrains Licensed Insolvency Trustees hear when we talk to clients about their debt. They ask questions like, “how did I get into this mess?” Or, “why did I make that decision?”

The intention of Canadian bankruptcy law is to provide honest and overextended debtors the opportunity for a financial fresh start.

If you want to leave a legacy when you pass away, defeat debt before you retire. Otherwise all you leave may be paperwork and memories.

You've done everything you can to provide a good life for your family. You've worked hard to put a roof over their head, food on the table, clothing on their backs — to make sure they'll never want for anything.