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The federal government provides guidelines to all Licensed Insolvency Trustees to help them determine if an individual or family has ‘surplus’ income. Your threshold for surplus income is calculated based on the number of dependents in your household and your net family income. Net family income refers to how much you earn after deducting income taxes, payroll deductions, essential medical expenses, alimony, and child support. It does not typically...

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When you file for Bankruptcy, unsecured creditors will be given the chance to file a claim with the Trustee for the amount they are owed in order to receive their share of any funds distributed in your Bankruptcy. Your creditors will deal directly with the Licensed Insolvency Trustee and are required by law to immediately stop contacting you regarding collections. If a creditor persists in contacting you, you should notify your MNP Licensed Insolvency...

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If a debt included in your Bankruptcy has been co-signed or guaranteed, the co-signer / guarantor will be responsible for making the payments in full.

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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.

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Once your Bankruptcy is accepted, you will typically make monthly payments to your Licensed Insolvency Trustee, as agreed upon by you and the Licensed Insolvency Trustee. Your Licensed Insolvency Trustee will distribute any funds received through the Bankruptcy to unsecured creditors at the end of the Bankruptcy as required under the Bankruptcy & Insolvency Act . Click here to learn more about how those payments may be determined.

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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...

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Once you file for Bankruptcy, your Licensed Insolvency Trustee has the duty to notify all of your creditors. Also, Canada Revenue Agency, credit reporting agencies and the federal government's Office of the Superintendent of Bankruptcy must be informed. A very limited number of Bankruptcies (typically corporate bankruptcies) require an advertisement in the Classified section of a local newspaper. A Bankruptcy is a matter of public record with the...

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Your Licensed Insolvency Trustee is required to file your prior year’s income tax return if it remains unfiled at the date of Bankruptcy, as well 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 there is a balance owing on these income tax returns, the amount owed is included in your Bankruptcy. Your Licensed...

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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...

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