MNP Debt Blog

A client recently came to me distraught and on the verge of tears. She had tried to sell her house, but couldn't close the sale. There was a lien registered against her property which prevented the transaction from moving forward.

If you’re overwhelmed with debt and looking for relief, you may be wondering if bankruptcy is your only option.

A former colleague of mine used to send out letters to consumers with two specially packaged Tylenol attached, along with a brief message that said, “ Taking these two tablets will make your headache disappear, but it will not provide permanent...

Picture this scenario: you are experiencing major debt challenges. You might also not be in a position to address your debt problems by obtaining a debt consolidation loan or seek credit counselling.

If you have several different debts and you’re starting to have trouble managing them, you’ve probably already encountered the stress of trying to figure out who’s going to get paid and who’s not going to get paid this month.

Generally when you file for bankruptcy or make a proposal to your creditors, unsecured debts will be released. Section 178 of the Bankruptcy Act lists the only debts that survive a bankruptcy or Consumer Proposal.

Do you have income tax debt and are you concerned about your ability to repay it?

First, let’s talk about what it means to default on a CP. Then we can look at what you can or should do if you do, in fact, default. There are certain protections in place that allow for some flexibility in ‘putting it back in the box’ so to speak, if...

A Consumer Proposal is a formal, legally binding process which involves a reduction of unsecured debt, or an extension of time for repayment of the debt or both.

I completed a consumer proposal in March 2010. I took it out in March of 2008. No problems - it really helped me out. Just wanted to know when it will be removed from my credit file.