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Declaring bankruptcy isn’t something that should be taken lightly. That's why it’s vital to seek unbiased advice from a licensed professional who can guide you through the entire process — and who can help you choose the path to becoming debt-free that’s most appropriate to your unique situation.

Rest assured, the Licensed Insolvency Trustees at your local MNP LTD. are here to help. Equipped with decades of expertise, our insolvency team knows how to help individuals regain control of their finances and start living a debt-free life. We can help you explore your options, so you can decide whether declaring bankruptcy is the right solution for you or if there’s a better path to take. Don’t let you financial situation burden you any longer. Contact with your local MNP LTD. office today or fill out our online form to get started.

Compare your options:

Is this the right choice for you?

If you’re ready to put an end to threatening phone calls from creditors — or if you want relief from accumulating interest and wage garnishments — you may want to consider declaring bankruptcy. This legal process can provide you with a fresh financial start; however, it is a big decision to make and does not come without repercussions.

Fortunately, you can feel good knowing your local MNP LTD. Licensed Insolvency Trustee will walk you through the entire process from start to finish, outlining the benefits as well as the challenges. Your Licensed Insolvency Trustee will also present any alternative solutions that you may qualify for. Get to know your options by booking a free confidential consultation with MNP LTD. today.

The bankruptcy process, explained

Meet a Trustee
File Paperwork
Bankruptcy Duties
Process Concludes
Moving On
  • STEP 1: Meet a Licensed Insolvency Trustee
    Start with a free consultation with one of our Licensed Insolvency Trustees. We'll review your options and assess your financial situation, including discussing which assets are exempt from bankruptcy proceedings in your province. If bankruptcy is your best option, we'll make sure you understand the process and all of its implications.
  • STEP 2: File the Paperwork
    Your Licensed Insolvency Trustee will help you prepare and file all required documents with the Office of the Superintendent of Bankruptcy (OSB), including a Statement of Affairs (a sworn declaration of your assets, debts, income and expenses). A Stay of Proceedings then comes into effect, meaning your creditors can no longer phone or sue you, and existing garnishees are lifted.
  • STEP 3: Bankruptcy Duties
    If it's your first time declaring bankruptcy, the process generally lasts nine months. In that time, you will: file monthly reports with your Licensed Insolvency Trustee to monitor your income, track expenses and develop a budget; attend two counselling sessions to discuss the causes of your financial difficulty and various debt management strategies; give your Licensed Insolvency Trustee the information to complete your tax returns for the year in which you file bankruptcy; pay any required amounts to your Licensed Insolvency Trustee, such as surplus income payments, payments to repurchase an asset, or the minimum amount required to cover the costs of administration.
  • STEP 4: The Process Concludes
    Once you have completed the necessary steps – and nobody objects – you will receive your discharge after either nine or 21 months. That means you are released from bankruptcy and the debts you owed on day one. If you haven't complete the tasks, you will not be released from bankruptcy until those steps are concluded. A court order will outline the remaining steps you need to complete.
  • STEP 5: Moving On
    During mandatory counselling sessions with your Licensed Insolvency Trustee, you will discuss ways to restore your credit rating during the bankruptcy period and afterwards. It will usually take at least a year or two of good financial practice to rebuild your credit rating, but you will have no remaining unsecured debts once the process has run its course (with a few exceptions, such as child support and court fines).

Other solutions

We recognize that debt struggles can be overwhelming and add stress to your daily routine. We also recognize that declaring bankruptcy might not be the most suitable solution for your unique situation, which is why we offer a number of alternatives, such as a consumer proposal, orderly payment of debt, debt consolidation, informal debt settlement and credit counselling.

If you want to find out which solution is the most appropriate for you — and you’re ready to get on the path to being debt-free — simply fill out our online form to schedule a free confidential consultation with an MNP LTD. Licensed Insolvency Trustee in your area, who will be pleased to walk you through your options and help you erase debt for good.