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Bankruptcy is a serious thing to consider. It's important to seek impartial advice and hands-on help from a professional who understands how the process works — and how to help you take the right steps to overcome debt problems. That's why it's smart to speak to your local MNP LTD. Licensed Insolvency Trustee. Our insolvency team has decades of experience helping individuals come to grips with their finances and reclaim their normal lives.

Whether bankruptcy is the right choice or another solution would suit your situation better, you can count on MNP LTD. to explain the options available to you and recommend the most appropriate action to take. Don't let debt stress take over your life: find out how our Licensed Insolvency Trustees can put you on the path to financial stability.

Choose your province from the menu to learn more about our range of debt solutions.

Is this your best option?

If you're receiving harassing phone calls from creditors — or if your earnings are being garnished at source — you may be in a position to declare yourself bankrupt. You can think of it as a formal, structured process that allows you to start over financially. However, there are also repercussions that you should know about. Your local MNP LTD. Licensed Insolvency Trustee will explain every aspect of the bankruptcy process, including the drawbacks as well as the benefits.

If there's a less drastic solution available to you, you can be sure that we'll explain it in full at your free confidential consultation with an MNP LTD. Licensed Insolvency Trustee.

What does declaring bankruptcy entail?

  • You can be relieved of all debts to unsecured creditors in as little as 9 months.
  • If your income exceeds standard government guidelines, "surplus income" payments will be triggered and you won't be eligible for a discharge until 21 months.
  • Credit Bureaus usually retain bankruptcy records for 6 years (14 years for those declaring bankruptcy for the second time), which may make it more difficult for you to acquire credit.
  • Your repayment amounts and related fees are government regulated, taking your net monthly income and other factors into account.

Our alternative options

We understand that debt can feel like an insurmountable challenge, making your day-to-day life feel like a struggle. We also understand that bankruptcy isn't necessarily the right solution, so we're proud to administer a range of alternatives, including consumer proposals, orderly payment of debt, debt consolidation, informal debt settlements and more.

If you'd like to know which option is best suited to your financial situation — and take the first step towards being debt-free — all you have to do is arrange a free consultation with your local MNP LTD. Licensed Insolvency Trustee, who will be happy to explain how you can make your escape from the cycle of debt.