Bankruptcy isn’t the only option. Numerous solutions including a Consumer Proposal and other options may be available. Contact an MNP office today to discuss your options with a Licensed Trustee.

Rebuilding your credit is essential after financial difficulties such as bankruptcy or insolvency. It helps you regain access to financial products and demonstrates financial responsibility to lenders.

My wages are being garnished to pay for my outstanding debts. I am afraid to answer the phone because it may be a debt collector calling. My creditors are threatening to sue me, repossess my personal property or hire a collection agency to recover their money. I have been borrowing money for household expenses from friends and family to make it from one pay cheque to the next. I am paying one creditor one month and another...

Insolvency is a formal term from bankruptcy law. If you are insolvent, it means your liabilities or debts exceed the value of your assets. You would also be considered insolvent if you are unable to pay your debts on time.

Bankruptcy is a legal process designed to help individuals or businesses eliminate their debts when they are unable to repay them. Filing for bankruptcy provides a fresh financial start but also has significant consequences.

A secured debt is directly tied to an asset which may be seized by a lender if you fail to make your required payments on it. For example, a mortgage is considered a secured loan, with your home as the related asset. If you fail to make your mortgage payments, your secured mortgage lender has the right to foreclose on (i.e. seize) your home and sell it to pay off your debt. If the proceeds from the sale of an asset don’t entirely cover your debt,...

After bankruptcy, most of your unsecured debts are discharged, meaning you are no longer legally required to pay them. However, certain debts, such as student loans (under specific conditions), child support, and alimony, are not discharged.

Personal bankruptcy is a legal process that provides relief to individuals unable to repay their debts. It allows them to eliminate or restructure their debts under the guidance of a Licensed Insolvency Trustee (LIT).

Filing for bankruptcy involves several steps: 1. Consult a Licensed Insolvency Trustee (LIT): An LIT assesses your financial situation and explains your options.2. Complete the Required Paperwork: The LIT helps you file the necessary forms and documentation.3. Notify Creditors: Your LIT informs your creditors about your bankruptcy filing.4. Attend Financial Counseling: Participate in two mandatory counseling sessions to improve your financial literacy.5....