MNP Debt Blog

Before going through a bankruptcy, one of the questions I’m often asked is: “What happens afterward?” Most people are wondering how their credit will be impacted and what they can do to help improve their rating again...

When dealing with debt, there are both formal and informal options. Formal options are undertaken via the Bankruptcy and Insolvency Act (BIA).

Whether you’ve been searching on the internet, seen a print ad or heard a radio ad for debt relief or debt consolidation, you may have noticed the words ‘government-approved debt relief programs’. But what does this mean?

The causes of excessive debt in Canada vary widely, with many factors coming into play.

You’ve probably heard the expression “Keeping up with the Joneses”, right? It refers to the human desire of wanting to have what our peers or neighbours have – a luxury car, tickets to every big concert, designer clothes, exotic vacations, etc...

Many people experience the frustration that comes with trying to pay down – or ideally, off – their credit card bills each month. It can be difficult to see the majority of your monthly payment going towards high interest charges.

Both individuals and corporations can make use of the Bankruptcy and Insolvency Act. A consumer bankruptcy is simply a bankruptcy filing by an individual in Canada.

Individuals (and corporations) may find themselves in financial difficulty and Canada Revenue Agency (CRA) may be a creditor, possibly the largest creditor. This blog post will look at whether, and how, those debts can be included in a filing under the...

Debt consolidation is the process of combining two or more debts into one. The aim of debt consolidation is to enable you to become debt-free through one consolidated monthly payment over a defined period of time.

I’ve been asked that question quite often and there is no easy answer. Bankruptcy should almost always be the option selected after all other alternatives have been explored and you’re certain your debt is insurmountable.