Do You Need Help With Debt In Canada? Here's Who Can Help

2015-04-13

Author: Ian Schofield

Alternatives to Bankruptcy

Debt Solutions

Are you wondering who to turn to when you need help with debt in Canada and your credit rating is too low to consolidate your debts? There are many diverse options out there, each with their benefits but also considerations. Some options may work better for unique situation over others.

Person online shopping on their laptop holding a credit card

First, there is an entire industry of credit counsellors, debt management consultants and other similarly-focused organizations. Some may charge a fee, while others may not. Keep in mind that most provinces do not have any licensing requirements for these firms, although some provincial governments are now passing legislation restricting the allowable fees and other charges. If you are considering working with a for-profit debt management service in particular, ensure you check out their fees, policies and reputation.

Your other option for debt help is to seek the advice of a Licensed Trustee in Bankruptcy. Trustees are licensed by the Office of the Superintendent of Bankruptcy (part of Industry Canada). In order to get a Trustee license, that individual must have completed an extensive training program, written professional qualifying exams and have several years experience in helping Canadians with their debt problems.

If you choose to work with a Trustee, they will start by doing a complete review of your financial situation and discuss all of the debt relief options with you, include those that do not involve filing for bankruptcy. As licensed practitioners, only Trustees can file a Consumer Proposal or a bankruptcy.

If you are struggling with debt, it’s important to make an informed decision based on a clear understanding all the potential options and which one will work best for you. Please contact your nearest MNP office to speak with a Trustee and start taking control of your life.

Latest Blog Posts

2023-04-28

How do you know if you're insolvent?

Olivier Boyd

Alternatives to Bankruptcy Bankruptcy Debt Solutions

The first step to handling financial difficulty is being aware of the situation. Are you insolvent or bankrupt? Here’s how to tell.

Read More

2022-04-19

How to rebuild after a Bankruptcy or Consumer Proposal (3 Minute Debt Break)

Alternatives to Bankruptcy Bankruptcy Consumer Proposal Debt Solutions 3 Minute Debt Break podcast

After completing a Bankruptcy or Consumer Proposal, rebuilding your credit can feel nearly as daunting as getting out of debt. But just a few steps every day will get you where you want to go. The following steps will help you focus on your goals, outline your process and visualize the reward that’s waiting for you at the top.

Read More

2022-02-02

My spouse wants to declare bankruptcy and I don't, what are our options?

Bradley Milne

Lifestyle Debt Debt Solutions Bankruptcy Alternatives to Bankruptcy

Debt problems can strain relationships and cause stress for the entire family. If your spouse has met with a Licensed Insolvency Trustee and is (or is considering) filing a Bankruptcy, the impact on you will depend on the extent of your joint debt.

Read More

Consultation icon