MNP Debt Blog

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.

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.

As unemployment continues to increase across the prairies due to a sharp decline in the price of oil, many have found themselves relying on credit to pay for day-to-day expenses as severance pay begins to dwindle and unemployment insurance runs its course....

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.

As the national economy continues to waiver and unemployment grips several provinces, the realities of mounting debt are all too real for thousands of Canadian households.

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

While filing for bankruptcy may be a completely viable option for some, it’s not the only option out there.

Equifax Canada and TransUnion Canada are the two main credit bureau companies in Canada.

When eliminating debt, a Consumer Proposal just one of the options outside of bankruptcy. So how do the others stack up?