MNP Limited Etobicoke, ON Licensed Insolvency Trustee

MNP Limited, 647-694-0386
208 Evans Avenue (at Islington), Suite 103 Etobicoke, Ontario M8Z 1J7

 

No one ever wishes to go bankrupt, but in some situations that can be the best way to eliminate your debts.

 

MNP Limited Etobicoke, ON Licensed Insolvency Trustee can assist you in regaining a debt-free by filing for bankruptcy.

 

Bankruptcy is a legal process available to individuals who are unable to repay their debts to creditors.

 

By filing for bankruptcy, you’re assigning your rights to certain non-exempt assets to pay back creditors in exchange for release from unsecured debts.

 

 

MNP Limited Etobicoke, ON Licensed Insolvency Trustee

208 Evans Avenue
Suite 103,
Etobicoke, Ontario M8Z 1J7
Canada
Phone: 647-694-0386

 

In Canada, you must file for bankruptcy through our trustees.

 

We will ensure that all the laws and rules involved in the bankruptcy process are applied justly to both creditors and the debtor.

 

Qualifications for Bankruptcy

 

To file for bankruptcy, you must meet the following conditions:

 

–         have a debt of at least $1000 of unsecured debt

–         your debts are more than the total value of your assets

–         are no able to pay down your debts when they’re due

–         you must live in Canada

 

Etobicoke Bankruptcy Laws

 

In Canada, bankruptcy laws are the jurisdiction of the federal government.

 

These are stated in the Bankruptcy & Insolvency Act.

 

By filing for personal bankruptcy, you will gain a fresh start to a better financial future.

 

Bankruptcy legislation will provide you with immediate protection from various creditor actions such as lawsuits and wage garnishments.

 

This protection is called a stay of proceedings.

 

Once your MNP Limited Etobicoke, ON Licensed Insolvency Trustee files for personal bankruptcy on your behalf, the creditors and collections will stop calling along with wage garnishing.

 

Provincial laws will also influence your bankruptcy, especially in terms of what assets are excepted from seizure.

 

Once your MNP Limited Etobicoke, ON Licensed Insolvency Trustee files for personal bankruptcy, your unsecured debts are discharged.

 

Examples include bank loans, payday loans, credit card balances, etc.

 

Student loans are only eligible for discharge after a period of seven years after leaving school.

 

Secured debts will not be affected by personal bankruptcy. Examples of secured debts include car loans, mortgage, court fines, support payments, etc.

 

An important point to note is that the entire process for first-time bankruptcy filing can last up to 9 months.

 

This period increases with subsequent filings.

 

Your LIT will guide you with the documents you must submit and sign in order to file.

 

If you have questions about personal bankruptcy, speak to our team today!