MNP Debt Blog

Your credit cards are adding up. Add to that several other loans and lines of credit, and the complex juggling act of making your minimum payments can seem like a full-time job.

A client recently came to me distraught and on the verge of tears. She had tried to sell her house, but couldn't close the sale. There was a lien registered against her property which prevented the transaction from moving forward.

You've done everything you can to provide a good life for your family. You've worked hard to put a roof over their head, food on the table, clothing on their backs — to make sure they'll never want for anything.

When you are unable to meet your debts under the original terms you agreed to or even if you can repay your debts but not under the terms you originally agreed to, a Consumer Proposal may be a viable option.

Do you have income tax debt and are you concerned about your ability to repay it?

When eliminating debt, a Consumer Proposal just one of the options outside of bankruptcy. So how do the others stack up?

A Consumer Proposal is a formal, legally binding process which involves a reduction of unsecured debt, or an extension of time for repayment of the debt or both.

Voluntary deposit is a judicial process used in Québec to restructure a debt repayment. It is legislated in the Québec Code of Civil Procedure.

Congratulations on taking the first step towards addressing your debt head on and working towards a fresh financial start!

As the national economy continues to waiver and unemployment grips several provinces, the realities of mounting debt are all too real for thousands of Canadian households.