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"Life Happens. Debt Happens. MNP can help."
We've helped
hundreds of thousands of Canadians
get out of debt
We've helped
hundreds of thousands
of Canadians

get out of debt
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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 before declaring bankruptcy. Our insolvency team has decades of experience helping individuals come to grips with their finances and reclaim their normal lives.

Whether declaring 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.

Compare your options:

Is declaring bankruptcy 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 bankruptcy. 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 process, including the drawbacks as well as the benefits of declaring bankruptcy. 

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?

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Meet a Trustee
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File Paperwork
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Bankruptcy duties icon
Bankruptcy Duties
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Process Concludes
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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 declaring 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 completed 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).

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.

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