MNP Debt Blog

Canadians are facing a lot of uncertainty right now. With a sudden economic downturn and many businesses shuttered due to social distancing measures, millions have found themselves out of work and unable to pay their debts.

Consumer Proposal is a formal offer to your creditors to settle your unsecured debt. It reduces the overall amount of debt you pay back while ensuring your creditors still recover a percentage of what’s owed to them.

Sometimes life doesn’t turn out the way we expected and we find ourselves overwhelmed with debt.

Owing money to a family member or friend can spark anxiety. You may believe you don’t have to include these types of debts in a Bankruptcy or Consumer Proposal.

Often, people are uncomfortable speaking openly about their debt and its impact on their personal well-being.

Part of deciding whether a Bankruptcy or Consumer Proposal is right for you is knowing what kinds of debts can be included and will be discharged when the process is successfully completed.

A lot has changed over the past 200 years, but those two simple truths live on. Much as it may irk some, cost more to others and confuse many, filing taxes is the law, plain and simple.

In today’s constantly shifting economic landscape, many Canadian households are struggling to keep up from one payment to the next – let alone keep up with an ever-increasing cost of living.

For people with minor or even moderate debt, the combination of a structured financial plan and a few temporary sacrifices can go a long way toward eliminating their burden.

One of the worst parts of having debt problems is dealing with the multiple phone calls from creditors and collection agencies looking for payment.