MNP Debt Blog

LETHBRIDGE - While many Canadians may be tempted to borrow more after the Bank of Canada’s recent cut to interest rates, local Personal Bankruptcy Trustees are strongly advising people not to.

The Bank of Canada announced on Jan. 21 the interest rate had been cut by 0.25%. Although good news, MNP personal bankruptcy trustees caution Canadians about taking advantage of this decrease by taking on more debt.

Many people find they struggle financially during the post-Christmas winter months. Holiday credit card bills come in, and combined with higher energy and other winter expenses can put a strain on an otherwise balanced household budget.

You finally met the right person and now you want to take your relationship to the next level. You move in together or you want to make it more official and get married.

Canadians underestimate debt-to-income balance. February 23, 2015, Calgary, AB — Almost of fifth of Ontario residents owe more than they own or earn, making them technically insolvent and at risk of bankruptcy, according to a new survey by Ipsos Reid....

The phone won’t stop ringing. You’re afraid to answer the phone because you’re pretty sure it’s a collection agent.

The answer is no. A Government-Licensed Trustee will be there to help you through the process.

Whether you know it or not, you may be going through a mid-life crisis. It usually crops up around the age of 35 to 40 because of many things, but family changes and debt accumulation can be the most problematic.

Author E.E. Cummings, when talking about his debts, is reported to have said, “I am living so far beyond my income that we may be said to be living apart.” Humorous as it may sound, being in debt is never cool.

An exempt asset is defined under the laws of each province. Exempt assets are retained by the owner in the event of a bankruptcy and not accessible by that individual’s creditors.