How long does a bankruptcy last?

The latest MNP Consumer Debt Sentiment Survey shows that a lack of financial literacy skills may be intensifying Saskatchewan residents’ consumer debt binge.

The latest MNP Consumer Debt Sentiment Survey shows that a lack of financial literacy skills may be intensifying Ontarians’ consumer debt binge.

The latest MNP Consumer Debt Sentiment Survey shows that a lack of financial literacy skills may be intensifying Manitoba residents’ consumer debt binge.

Hi I wanted to know at what point bankruptcy comes completely off your credit. I was told 7 years but is that from the first point that I claimed or is that from discharge date? Thanks Travis

The length of time it takes to complete a consumer proposal depends on a number of factors, particularly the amount of unsecured debt you have as well as the amount and frequency in which you are able to make a payment.

Bankruptcy is a legal state. To place yourself in bankruptcy you must execute a number of documents with a licensed Trustee in Bankruptcy (like those that work for MNP Ltd.). You will only be placed in bankruptcy after you have met with a Trustee and determined that bankruptcy is the best debt solution for you.

Huffington Post Canada recently covered MNP’s Debt Sentiment Survey. The numbers are in and they’re not looking good.

Can gov. agencies garnish 100% of a persons income? Either motor vehicles accident recoveries, or human resources and employment services (u.i)?