MNP Debt Blog

I currently dont have any income and no asset. How can I apply for personal bankruptcy?

My condo is worth less than the mortgage owing on it. If I file bankruptcy can I have the mortgage reduced to what it is worth?

Imagine you are pulling into your driveway with your older but reliable car. It’s served you well without the slightest hint of trouble. You’ve never thought of replacing it.

As fall breezes in, our thoughts start to focus on upcoming winter events and plans.

If you listen carefully, you can already hear the subtle sound of sleigh bells off in the distance – just above the cheerful voices of tellers upselling stocking stuffers at the till.

I owe more to credit card companies than I make from my small pension. I can managed ,but one of my credit card,which I owe 6,000.00 will not listen to my multitude of offers attempts .They are in the driver seat and they act like it.

If you’re struggling to pay down your credit card debt, it may be tempting to apply for another (ideally lower rate) card which you can transfer your balance to or take advantage of special promotions offered by your bank.

I’ve been asked that question quite often and there is no easy answer. Bankruptcy should almost always be the option selected after all other alternatives have been explored and you’re certain your debt is insurmountable.

While it can be tempting to solve a short-term cash problem with long-term savings, cashing in your RRSPs to pay down debt should be a last resort.

How are secured creditors (mortgages, car loans etc.) affected in a bankruptcy or proposal?