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Chapter 11 is a section of the United States Bankruptcy code (law) which is used by businesses to obtain protection from creditors while it restructures its operations so that it can sustain itself in the future. This law is similar to the two Acts that apply to companies in Canada, the Bankruptcy and Insolvency Act and the Companies’ Creditors Arrangement Act (CCAA) .
Chapter 13 is a provision in the United States bankruptcy code (law) which is comparable to the Consumer Proposal option under Canadian Bankruptcy law.
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...
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...
I was so discouraged by the debt I had left after my husband passed away that I knew I had to do something different and fast. After checking debt solutions on the internet and picking MNP, I felt comfortable talking to their agent and the response was quick and efficient. I have now been debt free and feel so much better both financially and in my actions that I feel that I can now look forward to a financial freedom life. This is so rewarding...
It can be found in our Forms section. Please keep in mind we do not require you to fill these out prior to your appointment. If you have any questions about any of the forms, feel free to contact us .
The length of the Bankruptcy process will depend on any asset repurchase and on your final calculated surplus income, if any. Where the total household income exceeds the standards set by the federal government, then additional payments called ‘surplus income’ must be made to your Licensed Insolvency Trustee during your Bankruptcy (Directive 11R, Bankruptcy and Insolvency Act ). If you meet and fulfill your duties and payments in a timely manner,...
