Managing debt on a fluctuating income can be challenging. Start by creating a realistic budget based on your average earnings, prioritizing essential expenses like rent, utilities, and groceries. Consider setting aside a portion of each paycheck for savings to cover unexpected expenses and help smooth out income fluctuations.

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 are able to act quickly to reduce spending, you may be able to regain control on your own. If your financial troubles persist, an MNP Licensed Insolvency Trustee can discuss different options with you, such as Consumer Proposals or Bankruptcy, or put you in contact with a credit counselling organization during...

A Consumer Proposal is for individuals who can make a settlement offer to unsecured creditors. This can be done by way of payments to creditors (either monthly or as a lump sum) when there is a need to change the current arrangement of payments. A Consumer Proposal can change the payment terms (up to a maximum term of 5 years) and the overall amount required to be repaid. A Bankruptcy is a formal process to relieve an individual of their debts to...

Individual debt happens when only one person takes on the debt, like getting a loan or a credit card in their name only. It's their responsibility to pay it back. This can include debts they had before getting married or during the marriage. Joint debt occurs when both partners agree to share the debt, such as co-signing on a mortgage or joint credit card. With joint debt, both partners are equally responsible for paying it off, regardless of any...

In most cases, each person must cover their own legal fees during a divorce. In some circumstances, one spouse is ordered to contribute to the other's legal expenses. This often depends on factors such as income disparity, financial need, and the complexity of the case. Some couples may choose to negotiate the division of legal fees as part of their divorce settlement agreement. It's important to discuss potential legal fees with your lawyer.

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,...