MNP Debt Blog

More often than not, when people find themselves in financial trouble they’re usually not sure what options are available to help them get back on track. Well-meaning friends and family may suggest a bankruptcy as a quick and easy solution. Even some...

Learning to handle funds responsibly is part of growing up. Unfortunately, it is not something usually taught in schools which means it falls to parents to teach their children how to do so. Here are a few suggestions you might want to consider.

Bankruptcy is a process that releases you from most of your indebtedness by handing over some of your property. In other words, bankruptcy lets you erase your debts and put an end to your indebtedness within a few months.

Many individuals wait too long to seek assistance when they are facing unmanageable debt problems. By the time they reach out to a Licensed Trustee for a consultation, they are already in a debt crisis and bankruptcy is their only way out.

Filing for bankruptcy can be daunting. Many people fear they will lose absolutely everything. The good news is, that’s not the case. When you file for bankruptcy, some of your assets are protected from being seized by the creditors.

Trying to maneuver through unmanageable debt can be exhausting and overwhelming. Even more so if you are trying to navigate your finances from a secondary location.

The Execution Act is the legislation responsible for outlining those assets that cannot be seized by a creditor or a Trustee in Bankruptcy to help pay down debts.

To keep yourself on track for a good financial start to 2016, try creating a detailed budget before you leave your house. Having a plan in hand will help you check things off your list – rather than adding to it!

MNP LTD Trustee Doug Stuive was interviewed by Bankruptcy Canda Inc. , to discuss debt, bankruptcy and consumer proposals.

Bankruptcy is a process that releases you from most, if not all of your debt. In other words, bankruptcy lets you erase your debts and put an end to your indebtedness within a few months.