Bankruptcy – The amount you are required to pay and all related fees are based on government regulations that take into consideration your net monthly income and the number of people in your household. This can be explored more fully at your free confidential consultation with an MNP Licensed Insolvency Trustee. Consumer Proposal – Your MNP Licensed Insolvency Trustee will help you make an offer to your creditors, incorporating a...

Bankruptcy – Credit Bureaus generally keep information about bankruptcy on record for 6 years for those declaring bankruptcy for the first time. The time period is extended to 14 years for those declaring bankruptcy for the second time. Keep in mind you may already have a poor credit rating if you have missed payments or your debts have been referred to a collection agency. Having a bankruptcy on your credit record does not mean you will be...

Bankruptcy – A bankruptcy is a structured, formal process that provides a fresh financial start. You’ll be relieved of all debts to unsecured creditors while still retaining select assets. Consumer Proposal – A Consumer Proposal is a flexible process that allows you to negotiate the terms of your repayment to unsecured creditors — including the amount you’ll pay back and the timing of your payments. In addition, you’ll retain all of your assets....

Bankruptcy – If this is your first time filing for bankruptcy, you may be automatically discharged from your debt in as little as 9 months. If your income exceeds a standard guideline set by the government, triggering ‘surplus income’ payments , you would not be eligible for a discharge until 21 months. In the case of a second bankruptcy, these timeframes are extended. Consumer Proposal – A Consumer Proposal cannot extend...

If you need a personal loan after Bankruptcy, you will likely have to obtain a co-signor depending on the state of your credit. A co-signor is an individual that promises to pay your debt if you cannot pay it yourself.

Filing Bankruptcy will not affect your spouse’s credit rating. However, if you have any joint debt, your spouse would be responsible for paying that joint debt in full.

The only way to file for Bankruptcy in Canada is through a Licensed Insolvency Trustee. The first step when filing for Bankruptcy is to contact a MNP Licensed Insolvency Trustee to discuss your debt options. If filing for Bankruptcy is the right step for you, your Licensed Insolvency Trustee will guide you through the Bankruptcy process.