LCTaylor, Licensed Insolvency Trustees, has been serving Dauphin for 30 years. In that time, we have helped many people from Dauphin and the surrounding area with their debt problems.
Dauphin is an important regional centre for the Parkland area, hosting events and festivals throughout the year and drawing people from the surrounding area for healthcare, education and services. Low housing costs and plenty of arts and recreational activities contribute to the economy and the growing workforce. However, the fluctuation of seasonal business can occasionally lead to problem debt.
Surrounded by rich, productive farmland, Dauphin’s strong agricultural economy has been a great boon to business in the area, but as is the nature of agriculture, bad weather and crop failures can also result in issues with debt.
Debt Help in Dauphin
As Licensed Insolvency Trustees in Manitoba, our goal is to educate consumers about all of the options available when facing serious financial problems.
LCTaylor offers a team of reputable and experienced debt experts, licensed by the Canadian Government to help you with everything from debt management / credit counseling, debt consolidation, Bankruptcy and Consumer Proposals.
Consumer Proposals in Dauphin, Manitoba
For people in Dauphin with unmanageable debt, a Consumer Proposal is the number one option. It provides legal protection through federal legislation. Once a consumer has filed a proposal, all collection practices, including garnishments are stopped. Essentially a Consumer Proposal is a legal process through which the consumer makes a proposal to their creditors for a settlement of their debt.
A Consumer Proposal can only be filed through a Licensed Insolvency Trustee (LIT). LIT’s are regulated and audited by the federal government. The advantage of a formal Consumer Proposal over an informal one (done through a debt or credit consultant), is the legal protection provided in the federal legislation. Not only are all collection practices stopped, but, interest and penalties are frozen and, once the proposal is in place, it is binding on all the unsecured creditors. That means that the consumer can be confident that the payments made under the proposal will be the only ones needed to settle their unsecured debt.
Generally, in a Consumer Proposal, the debtor pays a portion of their debt, over an appropriate period of time, and in return, the entire debt is eliminated, regardless of what percentage of the debt was paid by the proposal. In most cases, the Consumer Proposal will last longer than a Bankruptcy, but cannot be longer than five years. The amount paid, and the time period in which it is paid, is based on the debtor’s ability to pay, rather than on the amount owed. The structure of a Consumer Proposal is quite flexible, and can be designed to suit the circumstances of the debtor.
There are many considerations involved in filing a Consumer Proposal in Manitoba. LCTaylor can help you decide if this financial solution is right for you.
Bankruptcy in Dauphin, MB
In some circumstances, the best option for dealing with debt is filing personal Bankruptcy. Bankruptcy allows debtors to start fresh, and it is usually the quickest and least expensive way to eliminate debt.
How assets are dealt with in Bankruptcy is determined by provincial legislation. Most essential assets are protected from seizure by this legislation, but it all depends on what the asset is, who has security on it, and how much equity there is in the asset. Farmers have special exemptions, allowing them to operate the farm while bankrupt. Every situation is unique, however. At LCTaylor, we will be able to define more precisely which assets are exempt and how the exemptions apply in your particular situation. Read more about Bankruptcy services in Manitoba.
Give us a call to set up a free consultation. Getting complete information before you make a decision is critical to making the right decision for you and your family. We are always available to answer questions by phone, in person, or in a virtual meeting. Feel free to give us a call any time.
Credit Counseling & Other Debt Services
LCTaylor offers a full array of options including free consultations, credit / financial counseling, Consumer Proposals and Bankruptcy, providing the best possible solutions for your individual situation. Our Licensed Insolvency Trustees and the extent of the debt options that we have available, set us apart from other credit counseling and debt agencies, making us your best choice for getting out of debt.
Whether you have bad credit, have difficulty making ends meet, or are troubled by calls from collection agencies, LCTaylor can help with your financial problems. We can help you find a solution that works for you and our family. Give us a call today.
Call now for a free consultation: 1-800-463-8371
We are here to help you with your debt problems in person or virtually.
