Marital debt can stem from various sources and situations within a relationship. Common causes include: Spousal overspending Financial disagreements Unexpected expenses (e.g. medical bills, home repairs) Job loss Failure to communicate effectively about finances A lack of communication about financial goals and responsibilities can also result in misunderstandings and mismanagement of joint finances. Understanding...

If you're struggling to pay your debts while going through a divorce, seeking professional guidance from a federal government accredited and regulated Licensed Insolvency Trustee, such as MNP Ltd., is a good option. We help individuals navigate financial challenges, including debt management, during significant life changes like divorce. Our team can assess your situation and provide personalized advice on debt relief options, such as debt consolidation,...

Building an emergency fund provides a crucial safety net for unforeseen costs, offering peace of mind during challenging times. Exploring insurance options, such as health and disability coverage, can also provide essential financial protection in the event of illness or injury. Additionally, income replacement plans offer a lifeline for those unable to work due to medical issues, ensuring financial stability during recovery. Moreover, understanding...

Depending on your financial situation, options such as debt consolidation, negotiation with healthcare providers, Bankruptcy, or a Consumer Proposal may be viable solutions. A consultation with a Licensed Insolvency Trustee can help assess your options and determine the best path forward.