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.
2012-04-19
Debt settlement plans are offered by companies who are generally unregulated and purport to be able to settle debts for a reduced amount. Debt settlement companies work on the premise of building a fund from which they will settle debts after the debt settlement company’s fees have been paid. During the time of building the fund, debtors are generally advised to not contact the creditors. During this time there is no legal protection from creditors, that is, interest continues to accumulate and collection action, including garnishment, may commence or continue. The fees charged by the debt settlement company are not regulated and the same practices have been outlawed in the USA and in the province of Manitoba.Alert from the FCAC In January of this year, the Financial Consumer Agency of Canada, a Government of Canada agency, issued a consumer alert entitled Debt Reduction Companies: Beware of “Too Good to Be True” Offers Read the alerthere.Understanding Consumer Proposals Consumer proposals, on the other hand, are administered by trustees in bankruptcy that are licensed and regulated by the Office of the Superintendent of Bankruptcy, an agency of Industry Canada. A consumer proposal provides for relief from creditors and the administration costs (trustee’s fees) are regulated in accordance with the Bankruptcy and Insolvency Act. Click here for more information on consumer proposals.Getting Help to Manage Your Debt If you are having difficulty managing your debt, please contact an MNP licensed trustee for a no-cost, no obligationconsultation. Marvin Zweig, CA-CIRP, Trustee Senior Vice President Markham, Ontario
2025-10-21
A client thought bankruptcy was their only way out. See how a consumer proposal helped them keep their home and repay debt with confidence.
2025-10-20
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
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.