MNP Limited Port Hawkesbury, NS Licensed Insolvency Trustee

MNP Limited, 902-200-1459
609 Church Street, #105, Port Hawkesbury, NS B9A 2X3


MNP Limited Port Hawkesbury, NS Licensed Insolvency Trustee

609 Church Street
Port Hawkesbury, NS B9A 2X3
Phone: 902-200-1459


Insolvency is the inability to pay overdue debts, that a creditor seeks to collect, due to various reasons such as unexpected disasters, job loss or income reduction, illness or medical problems, separation or divorce, financial mismanagement, etc.


When all else fails and you are unable to repay the creditor(s) to whom you owe an unmanageable debt, you can file for a bankruptcy claim.


Located in Nova Scotia’s Inverness County is the town Port Hawkesbury, nicknamed “Cape Breton’s Front Porch” due to its position as the gateway to Cape Breton.


If you are unable to pay your debts and want to file for bankruptcy but are struggling to do so, you can get in touch with a Port Hawkesbury, NS Licenced Insolvency Trustee (LIT) to help you through the process and restart your life that is one free of debt.


Insolvency & Port Hawkesbury Bankruptcy:


Insolvency may lead to collection of debts if any action isn’t taken immediately.


Some of the solutions for resolving insolvency include borrowing money or an increase in income to pay off the debts.


However, the final alternative to clear debts, when all other attempts fail, is Bankruptcy where you get the opportunity to eliminate your debts and start fresh again.


To file for bankruptcy, it is necessary to show you are insolvent.


In Canada, bankruptcy is a legal process that is administered by a trustee in bankruptcy under the Bankruptcy and Insolvency Act.


If one decides to file for bankruptcy, creditors cannot attempt to seize assets.


Your LIT will settle all your debts with your creditor(s) by distributing your assets equally and in an orderly fashion.


Licensed Insolvency Trustee (LIT):


LITs are the only authorized professionals who advise debtors, be it individuals or businesses, and help them make informed decisions regarding ways to deal with financial problems.


They are persons authorized to administer government-related insolvency proceedings allowing you to be discharged of all debts.


The LIT needs to demonstrate their skills, experience, and knowledge to be granted a license from the Office of the Superintendent of Bankruptcy (OSB).


The job of a trustee is to deal directly with your creditor(s) on your behalf, post-filing for a consumer proposal or personal bankruptcy with their help.


Therefore, it is necessary to make sure the professional you chose is qualified enough to give you financial advice and services which you can be confident about when you contact a trustee.


Bankruptcy in Port Hawkesbury:


Bankruptcy in Canada is not meant as a punishment, rather it is an opportunity for the defaulters to start fresh and clear off all their past debts.


You can rebuild your credit system, without the weight of your past dues and have a fresh financial start.


It also protects the debtor’s assets from being seized by the creditor on failing to clear dues.


Filing for bankruptcy also protects the debtor from any legal action that the creditor(s) decides to take.


The LIT advises on how to deal with these creditors until they receive a formal notification from the trustee.