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In order to qualify for debt consolidation, you must have a satisfactory crediting rating and sufficient income to sustain the loan. The financial institution issuing you the loan will conduct an assessment to determine if you meet their criteria.

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If debt consolidation isn’t a viable option for you or if you were rejected for a consolidation loan, there are several other options available. It is always best to talk to a professional to find out which solution is right for you.

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There may be a fee involved to open a file for your consolidation loan, in addition to regular loan payments.

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If you suddenly lose your source of income or are simply unable to pay your consolidated loan, you may need to explore other options such as Bankruptcy or a Consumer Proposal. Speak to a Licensed Insolvency Trustee.

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The institution that granted your consolidated loan may cancel any credit cards or close lines of credit you have to make sure that you don’t continue to accumulate debt. This decision is made by financial institution providing the loan.

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Licensed Insolvency Trustees (LIT), like those at MNP Ltd., work with you one-on-one to understand your financial challenges, let you know your options, and help you find a solution. If you declare Bankruptcy or file a Consumer Proposal, the LIT will help you fill in all the required documents and file them with the federal government's Office of the Superintendent of Bankruptcy (OSB). The LIT will also inform your creditors about the Bankruptcy...

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Filing for Bankruptcy should not affect your job. Some professional bodies may require you to disclose your Bankruptcy. If you’re bonded in your current position, you may want to contact your human resources department to confirm if there will be any impact on your job/duties.

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You can find all forms in our Forms section. Please keep in mind we do not require you to fill these out before your appointment. If you have any questions about any of the forms, feel free to contact us .

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There are various duties required of you when you file Bankruptcy. If you do not complete your duties, the Licensed Insolvency Trustee is required to obtain a discharge from administering your Bankruptcy within a certain timeframe, leaving you in Bankruptcy. This will put you back into the same situation as before filing for Bankruptcy. All your unsecured creditors can once again pursue you directly to pay the full amount of their debt. You may...

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