Secured debt is a type of loan backed by collateral, such as a house, car, or other valuable asset. If the borrower defaults, the lender can seize the collateral to recover the debt. 

Debt consolidation involves combining multiple debts into a single loan with a lower interest rate. This simplifies payments and may reduce overall financial strain. 

Bankruptcy isn’t the only option. Numerous solutions including a Consumer Proposal and other options may be available. Our Debt Calculator can provide an idea of the best debt solution for you or you can contact an MNP office today to discuss your options with a Trustee.

The first step in combating debt is to analyze where you are spending your money. If you see a clear way to stop incurring more debt and take action immediately to consistently spend less, you may be able to regain control on your own. However, if your financial troubles persist, an MNP Trustee can discuss different options with you such as Consumer Proposals, Bankruptcy or put you in contact with a Credit Counselling organization during our free...

Licensed Insolvency Trustees (LITs) are highly qualified debt professionals who are federally regulated. Licensed through the Office of the Superintendent of Bankruptcy , LITs adhere to a firm code of ethics and strict government regulations. As such, Licensed Insolvency Trustees are the only professionals who can file Consumer Proposals and bankruptcies on behalf of both individuals and corporations. The role of a LIT is to do a thorough review...

My wages are being garnished to pay for my outstanding debts. I am afraid to answer the phone because it may be a debt collector calling. My creditors are threatening to sue me, repossess my personal property, or hire a collection agency to recover their money. I have been borrowing money for household expenses from friends and family to make it from one pay cheque to the next. I am paying one creditor one month and another...

Insolvency is a formal term from bankruptcy law. If you are insolvent, it means your liabilities or debts exceed the value of your assets. You would also be considered insolvent if you are unable to pay your debts on time. This is an important consideration in financial analysis and credit matters.

A Consumer Proposal is for individuals that still have a source of income and are able to make payments to creditors, but need to change the arrangement of their payments. A Consumer Proposal can change the length of payment (up to a maximum term of 5 years) and the overall amount the debtor is required to pay. Whereas a Bankruptcy can be considered a clean start, as debts to unsecured creditors are typically forgiven. A Bankruptcy lowers your credit...

The tax refund relating to the year of your bankruptcy will be sent to the Trustee for the benefit of your creditors. Subsequent tax refunds should be sent to you. The Trustee has a right to apply your GST credits towards the costs of administering your bankruptcy (up to a maximum of $1800). Once the Trustee’s costs are covered, the GST credits will again revert to you.

If your Trustee hasn’t been discharged yet, simply tell the creditor to contact your Trustee and participate in your bankruptcy. If your Trustee has been discharged then the creditor is entitled to be paid the same dividend (% of debt) your other creditors received from your bankruptcy. You will have to pay this amount. Contact your Trustee to discuss this. If you deliberately omitted the creditor from your bankruptcy (the onus is...