Explore Your Options

Bankruptcy – A bankruptcy is a structured, formal process that provides a fresh financial start. You’ll be relieved of all debts to unsecured creditors while still retaining select assets.

Consumer Proposal – A Consumer Proposal is a flexible process that allows you to negotiate the terms of your repayment to unsecured creditors — including the amount you’ll pay back and the timing of your payments. In addition, you’ll retain all of your assets.

Bankruptcy – If this is your first time filing for bankruptcy, you may be automatically discharged from your debt in as little as 9 months. If your income exceeds a standard guideline set by the government, triggering ‘surplus income’ payments , you would not be eligible for a discharge until 21 months. In the case of a second bankruptcy, these timeframes are extended.

Consumer Proposal – A Consumer Proposal cannot extend beyond 60 months (or 5 years). The exact length depends on your own unique situation. Most proposals involve monthly payment terms; however, they can be flexible and structured to include one or more lump sum payments or some other payment schedule that is better suited to your personal cash flow situation.

Bankruptcy – Credit Bureaus generally keep information about bankruptcy on record for 6 years for those declaring bankruptcy for the first time. The time period is extended to 14 years for those declaring bankruptcy for the second time. Keep in mind you may already have a poor credit rating if you have missed payments or your debts have been referred to a collection agency. Having a bankruptcy on your credit record does not mean you will be ineligible for credit, but it may be harder for you to do so.

Consumer Proposal – A Consumer Proposal will appear on your credit rating for 3 years after completion of the proposal. However, even during the period of the proposal, you can begin improving your credit rating.

Bankruptcy – The amount you are required to pay and all related fees are based on government regulations that take into consideration your net monthly income and the number of people in your household. This can be explored more fully at your free confidential consultation with an MNP Licensed Insolvency Trustee.

Consumer Proposal – Your MNP Licensed Insolvency Trustee will help you make an offer to your creditors, incorporating a payment schedule that works for you. Fees are paid from the amount you’ve agreed to pay your creditors, with no additional fee payable to MNP Ltd. Most proposals involve monthly payment terms, however, other options can be considered.