The Licensed Insolvency Trustee must file any outstanding income tax returns if they remain unfiled at the date of Bankruptcy, as well as a pre-Bankruptcy income tax return for the period from January 1 to the date of your Bankruptcy. The Licensed Insolvency Trustee will retain any refunds arising from these income tax returns. If a balance is owed on these income tax returns, the amount will be included in your Bankruptcy. The Licensed Insolvency...

A secured credit card is ideal for people with low or no credit. To obtain one, you must provide a deposit to the credit card issuer that serves as collateral. For example, if you deposit $1,000, your credit limit you can charge will also be $1,000. From there, a secured credit card works like a regular credit card, with required minimum monthly payments. You will be able to make purchases online and in-store, plus you’ll be able to use the...

It is a piece of legislation that governs the administration of a Bankruptcy estate and oversees the distribution of its value to the Bankruptcy estate’s creditors, while providing a financial fresh start for individual debtors. Both Bankruptcies and Consumer Proposals are debt solutions under the Bankruptcy and Insolvency Act.

The process starts when you meet with your  Licensed Insolvency Trustee and fill in the appropriate paperwork. Bankruptcy will stop wage garnishments and lawsuits against you by your creditors. Once the filing is complete, you will begin to undertake bankruptcy duties and surrender your assets to your Licensed Insolvency Trustee, who will seek to turn those assets into cash and hold those monies in trust for distribution to your creditors.

Because bankruptcy is a process to help "honest and unfortunate" debtors, there are certain exceptions to the assets you have to surrender. Most people are entitled to keep limited amounts of essential items like clothing, furniture, medical equipment, tools of trade, pensions, and registered retirement savings. If you have little or no equity in your home, you may be able to negotiate with your mortgage provider to continue paying your mortgage...

You can apply for a debt consolidation loan at any financial institution including your local bank, a credit union, or any lender with enough support to finance your loan. If you go with another lender, make sure to provide your monthly budget and a pay stub to show evidence that your income can cover the loan. A co-signer may be required to guarantee your loan. Other documents you may need to bring with you include: Information on assets...

Deciding to take out a debt consolidation loan can be a difficult decision so let us help you with any concerns you may have. Book a free confidential consultation with your local MNP LTD Licensed Insolvency Trustee to discuss how debt consolidation can reduce your loan payments, compare other options for debt relief, and ultimately resolve your financial challenges.

If you have multiple debts that have become difficult to keep track of, there are a few different ways to consolidate them into a predictable and manageable monthly payment. Home Equity Loan Also known as taking out a second mortgage, a home equity loan can provide lower interest rates and a way to get a handle on your credit card debt. Line of Credit A line of credit from a bank or credit union can help you pay off high...