MNP Limited Gatineau, QC Licensed Insolvency Trustee

MNP Limited, 819-300-0564
500, boul. de l’Hôpital, Bureau 200, Gatineau, QC, J8V 2P5

 

There are some myths regarding bankruptcy that scare most people. Thus it’s important to understand insolvency laws to quell any doubts about the scope of bankruptcy in Gatineau.

 

For instance declaring bankruptcy will not result in forfeiture of your personal assets such as things that are absolutely essential to survive as these items are characterized by the government as exceptions. For example cars, clothing, residences, etc.

 

 

MNP Limited Gatineau, QC Licensed Insolvency Trustee

500, boul. de l’Hôpital
Bureau 200,
Gatineau, QC J8V 2P5
Canada
Phone: 819-300-0564

 

So what exactly is insolvency?

Simply put if a person is unable to meet his or her financial commitments then such a person is termed insolvent.

Insolvency criterias require that the person has more than one thousand dollars in debt and their income is insufficient to pay that debt.

How to declare bankruptcy in Gatineau, Quebec?

Declaring bankruptcy is a complicated process that requires completion of various formalities with your creditors and the government. Typically this involves assigning or surrendering your assets to a Licensed Insolvency Trustee who will use these assets to pay off your creditors.

Since your Insolvency Trustee will be your guide throughout the process and you will be assigning your assets to them it is equally important to verify their license before signing anything. Trustee licences can be verified on the Office of the Superintendent of Bankruptcy Canada website.

Who is a Licensed Insolvency Trustee?

A licensed insolvency trustee is an expert in debt relief management who undergoes mandatory education and training for a number of years. After which he or she is required to pass an oral exam in order to receive the trustee license. This exam is highly selective and only a few people are successful each year. Some of their duties are as follows:

  • Educate you regarding various forms of debt relief not just bankruptcy.
  • Assess your situation and if necessary help you in filing for bankruptcy.
  • Act as your representative in front of your creditors and the government.

What are the benefits of hiring a Licensed Insolvency Trustee in Gatineau, Quebec?

A Licensed Insolvency Trustee examines all your financial data and suggests an appropriate course of action. Sometimes you may not even need to file for bankruptcy due to availability of alternate debt relief methods.

Their fees are regulated by the government so you can have peace of mind that you are not overspending.

They are legally required to keep your financial data confidential.

Since they are leading experts of their field they are well equipped to clear all of your doubts.