Manitoba Licensed Insolvency Trustee firm LCTaylor has been serving individuals and small businesses in Flin Flon and throughout Northern Manitoba for over 30 years. Over these decades we have assisted hundreds of Flin Floners who were looking for debt solutions.

The Flin Flon economy has always revolved around mining – but tourism, government and the service industry play a part in the economy of the city as well. People from Flin Flon or elsewhere in Northern Manitoba seeking debt help could be in need of assistance for any of a number of reasons. Some main causes of insurmountable debt include illness, unemployment, and separation/divorce. These are situations that anyone could find themselves in, whether they are from Flin Flon or somewhere else in Manitoba.

Resource-based cities have always had, and probably always will have, economies that are cyclical. In cities such as Flin Flon there are good times, but there can also be bad times. These bad times are often short lived, with people able to get by on their savings until things turn around. However, when the downturns last for an extended period of time, debts can start to accumulate.

It’s always difficult to cut your expenses as quickly as income has been reduced. People still need to eat and keep a roof over their head regardless of their employment status, and they may also have payment commitments that were agreed to during better times. Forms of debt such as credit cards, lines of credits and loans may have to be used to make up for lost income. The interest on these debts eventually add up though, leaving you with even less money for your month-to-month expenses. If things don’t turn around quickly with respect to your income, you may end up with more debt than you could ever repay.

If you find yourself in this situation, you can discuss all of the options available to you with our experienced and trustworthy team of professionals at LCTaylor. We can help you with various solutions, including credit counselling, debt management, debt consolidation, Consumer Proposals and Bankruptcy.

Consumer Proposal in Flin Flon, Manitoba

If you have a steady and reliable source of income, a Consumer Proposal may be a good option to address your debt problems. When a Consumer Proposal is filed you immediately receive relief from most collection actions of your creditors. This includes most legal action, wage garnishments, and collection calls, while the creditors consider the settlement offer that you have made to them through your Licensed Insolvency Trustee.

Using our knowledge and long history of assisting debtors with Consumer Proposals, most people have their initial proposals accepted by their creditors, giving them a fixed and certain payment amount and an end date for their debts. Your Consumer Proposal also simplifies your life, allowing you to just make one payment to your Licensed Insolvency Trustee instead of individual payments to each of your creditors. Prepayments are welcomed, and once the Consumer Proposal is completed you are no longer responsible for the debts included.

Bankruptcy in Flin Flon, Manitoba

If you don’t have a consistent source of income, or if your debt is too high for it to be realistic to offer an acceptable attempt to settle it, a Bankruptcy may be the best option for dealing with your debt. When you file for Bankruptcy, you are entering into a federally legislated system that, when completed, absolves you of most of your debts.  This system determines which, if any, assets may have to be surrendered.  

In Flin Flon, Manitoba federal legislation dictates which assets you are able to keep in a Bankruptcy. This includes most of the assets that are commonly owned, including a reasonable amount of cash on hand, furniture and household contents, some equity in a vehicle to get to work, RRSPs and tools of the trade. So, despite the common misconception, you do not in fact “lose everything” in a Bankruptcy. Depending on your household income, you may be required to pay a surplus portion of your earnings into Bankruptcy for a set period of time.

Credit Counselling & Other Debt Services

Here at LCTaylor, we don’t just do Consumer Proposals and Bankruptcies. We also assist with your debt questions and offer a wide range of informal solutions that may fix your debt problems even if your situation doesn’t require a Consumer Proposal or a Bankruptcy. Give us a call or send us an email to arrange a free, no obligation consultation. We always love hearing from people in Flin Flon and Northern Manitoba.