2025-06-25
How to budget for inflation
The cost of daily goods has been rising over the past few years — increasing the price of food, gas, clothing, and many other essential items that Canadians need in their day-to-day lives.
Secured Creditors
2010-08-10
Secured creditors are creditors who hold a mortgage, charge, lien, or pledge against an asset as collateral security to ensure payment. In the event of a bankruptcy or proposal, most secured creditors are permitted by law to seize the asset pledged as security and apply the proceeds from the sale of the asset against the debt. If the proceeds from the sale of the asset are not sufficient to pay the debt in full, that creditor becomes an unsecured creditor for the balance. In many cases, arrangements can be made between the bankrupt and the secured creditor to continue payments on the debt so that possession of the asset can be maintained by the bankrupt/debtor.. However, if arrangements are made to continue payments and the debtor later defaults on the arrangement, the remaining debt will not be discharged by the previous bankruptcy proceedings. If you require any additional information, please contact one the MNP office conveniently located near you. A listing of our offices can be found athttp://www.mnpdebt.ca/contact/ontario/default.aspx
Latest Blog Posts
2025-06-19
Options to consider if you can’t pay back your student loans
With the school year beginning and thousands of Canadian students beginning a new semester of post-secondary studies, all those hard-earned dollars from summer gigs are now being applied to tuition, books, transportation, housing, and supplies.
2025-06-16
What are the pros and cons of a Consumer Proposal?
Bankruptcy Alternatives to Bankruptcy
Let’s review what a Consumer Proposal is, as well as the pros and cons of filing a Proposal, to help you determine if it’s the right solution for your unique situation.
