Frequently Asked Questions
You have questions? We have answers.
Debt can be overwhelming and confusing, but it doesn't need to be. Our Licensed Insolvency Trustees have answered the Frequently Asked Questions we've been asked about Bankruptcy, Consumer Proposals and other debt relief options.
Bankruptcy FAQ
Our Licensed Insolvency Trustees have answered the Frequently Asked Questions we've been asked about Bankruptcy.
Credit Counselling
In situations where debt is not too excessive and somewhat manageable, a credit counselling service may be able to review and assist you with your financial situation.
Debt Consolidation
Consolidating your debt is a good choice for those who have a satisfactory credit rating and sufficient income to pay back their debt in full.
Orderly Payment of Debts
The program is only available in Alberta, Nova Scotia and Prince Edward Island. It is also available in Quebec, where it is referred to as the Voluntary Deposit Law (or formerly, Lacombe Law).
Informal Debt Settlements
Depending on the amount of debt and number of creditors you have, it may be possible for you to directly contact your creditors and negotiate a lower interest rate or a repayment schedule that works for you.
General Questions
The first step in combating debt is to analyze where you are spending your money.
What is a Licensed Insolvency Trustee?
Licensed Insolvency Trustees are the only professionals who can file Consumer Proposals and Bankruptcies on behalf of both individuals and corporations.
Bankruptcy Discharges
A discharge releases you from the legal obligation to repay the debts you had as of the date you filed for bankruptcy, except for specific types of debts that are excluded by the law.
Debt Relief
An MNP Trustee can discuss different options with you such as Consumer Proposals, Bankruptcy or put you in contact with a Credit Counselling organization during our free confidential consultation.
