2025-10-21
How we helped a client decide between a consumer proposal and bankruptcy
A client thought bankruptcy was their only way out. See how a consumer proposal helped them keep their home and repay debt with confidence.
Can I Claim Bankruptcy
2009-10-30
From the information you have given so far, yes....you can claim bankruptcy. The legal requirement for bankruptcy is that you owe $1,000 in debt and are unable to pay your obligations as they come due. This seems to be the situation in your case. I am assuming that TD Bank does not have any security over any of your assets (IE: a lien on your car or your furniture). The only question I have is....what is the source of your $1,000 "structured settlement?" Is this from a divorce settlement? An accident settlement? It's likely that if TD sues you, they would be able to garnishee this source of income. A bankruptcy would stop the legal action and threat of garnishees, etc. I would recommend that you contact one of our counsellors or Trustees in your area and discuss if bankruptcy (or any one of the other options we would review with you) is right for you. You can find these contacts athttp://www.mnpdebt.ca/contact/default.aspx. Donna Carson, CGA, CIRP, Trustee 1.877.500.0792 [email protected]
Latest Blog Posts
2025-10-20
Seniors and Debt
Alternatives to Bankruptcy Bankruptcy Consumer Proposal Lifestyle Debt MNP Consumer Debt Index
Just when seniors should be relaxing and enjoying the fruits of their labour, many find themselves struggling financially — an unsettling contrast to the ease they’d hoped to live their golden years.
2025-10-17
How buyer’s remorse laws can help you stay out of debt
This is called buyer’s remorse. In some cases, Canadian law provides protections that can help you reverse these costly decisions and avoid sinking further into debt.
