MNP Debt Blog

Today the Ontario government announced plans to impose regulations on debt settlement companies who advertise the ability to reduce the debts of consumers by up to 70% of more.

Generally, when an individual becomes a bankrupt, their assets vest in the trustee and are realized for the benefit of creditors. However some assets are exempt from seizure and realization by the Trustee.

Under the new Family Law Act of BC, I am now considered a common-law spouse. Am I responsible for my common-law spouse’s debts?

As we enter tax season, many of us have a sense of dread.

It’s the headline that grabs the attention of many people. But if something sounds too good to be true it probably is.

Many clients will say their greatest fear is to take any action which may hurt their credit rating. But, at the end of the day what really is your credit rating?

I'm not able to come to your office, can we discuss my debt problems over the phone?

I’m a senior on fixed government pensions. If I file for bankruptcy, do my pensions automatically get sent to the Trustee?

To the best of our knowledge, filing an assignment in bankruptcy (or a consumer proposal) under the Bankruptcy and Insolvency Act would not preclude or prevent you from becoming a citizen. However, if you are an undischarged bankrupt, you may not apply...

Believe it or not, household debt in Canada has actually soared past levels in both the U.S. and the U.K. The average household carries about $110,000 in debt – more than double the amount we used to carry back in the early 90s.