LCTaylor, Licensed Insolvency Trustee, has been serving Kenora and area for 30 years. In that time, we have helped hundreds of people from Kenora and the surrounding area with their debt problems.

Kenora’s economy is somewhat tied to seasonal visitors, with local tourism playing a large role in the health of businesses located there. This often results in income that fluctuates with the seasons – both for the businesses and for their employees, who may be laid off for a portion of the year.

Other sources of employment in the area – mining,  forestry, fishing, etc. – are also seasonal or subject to large swings in profitability. Going from employment to collecting EI also presents a challenge to families struggling to make ends meet.

Often, when people have to deal with fluctuating income, debt becomes a problem. It just takes one normally busy season to have a downturn, and suddenly debt that was manageable before becomes unmanageable.

As Licensed Insolvency Trustees our goal is to help people learn about all of the options available when facing serious financial challenges.

LCTaylor is a team of reputable and experienced debt experts, licensed by the Canadian Government to help with everything from debt management/credit counseling, debt consolidation, Bankruptcy and Consumer Proposals.

Bankruptcy in Kenora, Ontario

There are situations where the best option for dealing with debt is filing personal Bankruptcy. Personal Bankruptcy allows the debtor to start fresh, and is usually the quickest way to eliminate debt. In Kenora, the Ontario legislature has provided rules for how assets are dealt with in a Bankruptcy. Those rules provide exemptions for essential assets, so that they are not lost in a Bankruptcy.

LCTaylor can provide a precise list of the Ontario exemptions, but if you are considering Bankruptcy. Here is a general list, as of 2021:

• All necessary clothing
• One motor vehicle worth up to $7,117, or with $7,117 or less equity
• Tools of the trade to a value of $14,450
• Household furnishings and appliances to an as-is worth of $14,180 or less
• Certain types of life insurance
• All RRSP, RRIP, and SPSP savings except contributions made in the last 12 months.
• Your principal residence, if the equity in it is less than $10,783
• Farmers receive an exemption of up to $31,379 in value of livestock, equipment, etc.

Consumer Proposals in Kenora

For those who have unmanageable debt but want to avoid Bankruptcy, a Consumer Proposal is the number one alternative. It provides all of the same protections as provided by a Bankruptcy. The biggest difference between a Consumer Proposal and a Bankruptcy is that the Trustee uses their knowledge and experience to work with you and your creditors to reach a settlement acceptable to both. Once accepted by the creditors, the proposal is binding on all creditors. In most cases, a Consumer Proposal will last longer than a Bankruptcy, but it cannot be longer than five years.

A Consumer Proposal is a formal offer made by you to your creditors, through your Licensed Insolvency Trustee. The proposal sets out a plan whereby you agree to pay part or all of your debt over a specific period of time. In return, all interest and penalties stop, as well as all collection practices.

Note: This is only true of a Consumer Proposal filed under the Bankruptcy and Insolvency Act of Canada, and administered by a Licensed Insolvency Trustee. An informal proposal, led by a credit counseling agency or debt consultant does not have any of the protections offered by a formal Consumer Proposal.

There are many considerations involved in filing a Consumer Proposal. LCTaylor can help you decide if this financial solution is right for you.

Credit Counseling & Other Debt Services

Besides administering Consumer Proposals and Bankruptcies, LCTaylor can provide information and advice on a wide range of non-legislative solutions that, depending on the situation, may solve your debt problems. We provide free, no obligation consultations, as well as financial counseling and budgeting assistance.

Give LCTaylor a Call Today

LCTaylor offers a full array of services including free consultations, credit counseling, Consumer Proposals and Bankruptcy, providing the best possible solutions for your individual situation. Our Licensed Insolvency Trustees and all of the options that we have available to us, set us apart from other credit counseling and credit consulting agencies, making us your best choice for getting out of debt.

If you are getting calls from collections agencies, are having trouble paying your bills, or have bad credit, LCTaylor can help with your money problems. We are here to help you find debt solutions, virtually or in person.

Debt Help: Consumer Proposal and Bankruptcy Kenora

Call now for a free consultation: 1-800-463-8371