The Office of the Superintendent of Bankruptcy (OSB) - Canada's regulator of bankruptcy and insolvency - has announced that the designation “Trustee in Bankruptcy” will be replaced by “Licenced Insolvency Trustee” in the New Year, although Trustees can start using the new designation earlier if they so choose.

One of the goals of the Bankruptcy Assistance Program (BAP), is to ensure low income consumer debtors who need a reduction in the typical fees of a Licensed Insolvency Trustee (“Trustee”) in order to file a bankruptcy can access the BAP, which is administered by the Office of the Superintendent of Bankruptcy Canada (OSB).

Unmanageable debt is exhausting. Living in financial uncertainty while trying to maneuver multiple payment schedules at varying interest rates, paired with the harassing phone calls from creditors can be completely overwhelming.

Take care of those you love, those who are close to you, with or without a bloodline.

MNP LTD Trustee Zaki Alam was interviewed by the numerous media outlets to discuss insolvency increase in Edmonton. The original article was originally posted online on numerous media outlets between June 27 - June 29, 2016.

Consumer Proposals are the leading alternative to bankruptcy in Canada for individuals who wish to negotiate a more favourable debt repayment plan with their unsecured creditors.

The recent Business Outlook Survey conducted by the Bank of Canada confirmed what many Canadians already know – our economy is still struggling, unemployment is increasing, businesses are struggling and the cost of living is not making financial health easy for anyone.

The Calgary Herald recently featured MNP’s Lana Gilbertson and Judy Scott discussing the state of consumer debt in B.C.

MarketWired recently covered MNP’s recent Consumer Debt Sentiment Survey which shows millions of Canadians are struggling to stay afloat.

The act of co-signing a loan is easy. It can also feel very rewarding since you’re often helping a family member or friend who wants to buy a new car or maybe even a house.