LCTaylor, Licensed Insolvency Trustee, has been working with residents of Brandon and Western Manitoba for over 30 years. In this time, we have assisted hundreds of people from the region in putting their debt troubles in the rear-view mirror.

The economy in Brandon has historically been based around agriculture, but its position in the Westman region has resulted in it being a hub. that a population of around 180,000 people rely on for services such as health, education, transportation and retail shopping.

Brandon is also the regional hub for financial services such as debt help in Westman. People looking for debt solutions, whether they are from Brandon or somewhere else in Western Manitoba, are doing so for a wide variety of reasons. The primary causes of insolvency are things like health issues, job losses and relationship breakdowns, which are things that can happen to anyone.

With the local economy largely revolving around agriculture and related products and services, the financial situations of people living in Brandon and the rest of Western Manitoba can be seasonal and cyclical. This means that there can be certain times, be it months in a year or years in a decade, where there may be struggles for families to make ends meet.

Unfortunately, many people find their income is reduced much more quickly than they can decrease their expenses. Most monthly payment commitments are not easily adjusted, so people are forced to use debt like lines of credit, loans and credit cards to fill the gap. This can be fine in the short term, if you are able to regain your income quickly, but if it continues over the long term, you may be left with more debt than you can 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 Brandon, 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 debtors 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 Brandon, 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 Brandon, 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, RRSP 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 and 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 Brandon and Westman.