Debt Relief Can Be Relieving

Are your debt problems heating up? Perhaps it’s time to cool off with some debt relief

When you have debts that are spiralling out of control, an overwhelming sense of dread can take over when the phone rings and you believe it is a collection call. You often spend endless sleepless nights constantly thinking how to manage your debts without finding any apparent solution.

Essentially, you have two ways to deal with this problem.

First, you can ignore it and hope it goes away or second, you address it and get control back over your finances. Believe it or not most people tend to bury their head in the sand and hope the debt problem goes away and sorts itself out. Naturally, when you choose this route, debt does not go away, it only continues to build.

The best approach is to deal with it head on and gain control over it. Ever notice when you are in control you feel great? That feeling applies to debt problems too. When your debt is under control, you feel better and those sleepless nights start to dissipate..

Dealing with debt problems is never easy. The good news is, there are several possible solutions.

At MNP we offer the following legislative solutions which are legally binding on all parties.

Consumer Proposal

A Consumer Proposal is a formal arrangement between you and your unsecured creditors to settle your debt, often for less than the full amount owing. Typically considered more desirable than bankruptcy, you will usually consolidate all of your unsecured debts into a single monthly payment over a fixed period of time (up to five years), although other payment arrangements are possible. A consumer proposal is a flexible solution that can allow you to keep assets, restructure your payments and start living again.

A Consumer Proposal is a powerful way to manage debt, because it not only consolidates all your unsecured debts into one affordable interest free monthly payment plan, but it also allows you to compromise the total amount of your debt.

Depending on your situation, you may qualify for filing a Consumer Proposal. This may be the best debt relief solution for you. 

Consumer Bankruptcy

If you’re overwhelmed with debt, a personal bankruptcy could offer a fresh financial start.  Bankruptcy is a legal process that provides immediate protection to you from your creditors and eventually you are released from almost all of your debts. It is designed to give you a clean slate once the process is completed.

In order to declare bankruptcy, you will require the services of a trustee who is licensed by the federal government. The trustee will guide you through the bankruptcy process and assist you in getting your discharge from bankruptcy. From the beginning of the process of bankruptcy, until your discharge, your creditors are stopped from any collection action against you and are required to deal with your trustee. When you get the discharge from bankruptcy, your debts are released and you are given a fresh start.

In order to discuss your options, contact an MNP office in your area for a free assessment of your own unique financial situation conducted by a trusted advisor. While there is no single solution that is best for everyone, our people will work directly with you to find a solution that best suits your needs.