Chapter 13 is a provision in the United States bankruptcy code (law) which is comparable to the Consumer Proposal option under Canadian Bankruptcy law.

If you are discharged from bankruptcy you are once again free to liquidate your assets. However, before cashing in your RRSP’s or other investments there are tax implications and lost future income to consider. It is recommended that you consult with a financial planner to determine the costs and benefits of doing this.

Buying a home is a major financial decision and should not be taken lightly. First you need to ensure your credit report is accurate and that you have savings for a down payment. Canada Mortgage and Housing Corporation has many resources available to help you with your home buying decision including a test to see if you are financially ready to buy a home. You may want to consider rent-to-own options in your community. There...

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

Bankruptcy is a legal process in which you may be discharged from most of your unsecured debts. It is regulated by the Bankruptcy and Insolvency Act . The purpose of the Act is to permit an honest, but unfortunate debtor to obtain a Bankruptcy discharge from his or her debts, subject to reasonable conditions. To start the Bankruptcy process, first contact your local MNP Ltd. Trustee Office and discuss your particular circumstances with an...

Much like buying a home it is recommended that you have a down payment for your vehicle purchase. Make sure your credit report is accurate before you apply for credit through a financial institution or car dealership. Create a budget! What payment is affordable to you? Don’t borrow more than you can afford to repay. Vehicles depreciate quickly and often need repairs before you have finished paying the loan. Ensure you budget...

A Consumer Proposal is for individuals that have sufficient 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 must provide more money to the unsecured creditors. A Bankruptcy lowers your credit rating to the lowest score (R9), while a Consumer Proposal has...

Having financial goals is very important, and starting with savings is a great plan. We recommend starting with a savings account for emergencies. Once you’ve built up an emergency fund you can start savings for other goals like retirement, major purchases or travel! Use a financial goal calculator to help you get started.