MNP Debt Blog

Voluntary deposit is a judicial process used in Québec to restructure a debt repayment. It is legislated in the Québec Code of Civil Procedure.

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.

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

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

When you are unable to meet your debts under the original terms you agreed to or even if you can repay your debts but not under the terms you originally agreed to, a Consumer Proposal may be a viable option.

You've done everything you can to provide a good life for your family. You've worked hard to put a roof over their head, food on the table, clothing on their backs — to make sure they'll never want for anything.

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.

Your credit cards are adding up. Add to that several other loans and lines of credit, and the complex juggling act of making your minimum payments can seem like a full-time job.

One of the worst parts of having debt problems is dealing with the multiple phone calls from creditors and collection agencies looking for payment.

For people with minor or even moderate debt, the combination of a structured financial plan and a few temporary sacrifices can go a long way toward eliminating their burden.