MNP Debt Blog

Frustrated and overwhelmed with debt? Given today’s difficult economic climate, you’re not alone. The good news is, bankruptcy is not your only option.

MNP LTD Trustee Doug Stuive was interviewed by Bankruptcy Canda Inc. , to discuss debt, bankruptcy and consumer proposals.

Statistics Canada recently released a report stating that Canadians are holding a record level of household debt with the average Canadian household owing 164.6% of its annual income.

Often, when people think of insolvency, they relate it directly to bankruptcy. This can be very deflating to those who find themselves struggling with debt, but want to avoid having to file for bankruptcy.

Unmanageable debt is exhausting. Living in financial uncertainty while trying to maneuver multiple payment schedules at varying interest rates, paired with the harassing phone calls from creditors can be completely overwhelming.

Are your debt problems heating up? Perhaps it’s time to cool off with some debt relief

A Consumer Proposal is an alternative to declaring personal bankruptcy. It’s an arrangement that’s negotiated with your creditors through a Licensed Bankruptcy Trustee.

The Office of the Superintendent of Bankruptcy in Canada (OSB) is a special operating agency of Industry Canada that protects the integrity of the bankruptcy and insolvency system for the benefit of investors, lenders, consumers and the public.

Consumer proposals and bankruptcies are both government legislated options which can provide you with relief from significant debt problems.

Upon filing for bankruptcy, there are a number of duties that you must complete which include paying fees, participation in two debt counseling sessions and submission of monthly income and expense statements.