Debt Help In Lac Du Bonnet: Consumer Proposal, Bankruptcy, Debt Relief

LCTaylor, Licensed Insolvency Trustees, has been serving Lac du Bonnet for 30 years. In that time, we have helped dozens of people from Lac du Bonnet and the surrounding area with their debt problems.

To some extent, the economy in the Lac du Bonnet’s area is seasonal because of its location between two provincial parks, and the close proximity to cottage country. Sometimes, the seasonal fluctuation of business can cause issues for both small businesses and their employees. That is often when debt becomes a problem.

The strong agricultural economy of the area 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.

LCTaylor offers a team of reputable and experienced debt experts, licensed by the Canadian Government to help with everything from debt management/credit counseling, debt consolidation, Consumer Proposals, and Bankruptcy. As Licensed Insolvency Trustees in Manitoba, we are here to educate consumers about all of the options available to them when facing serious financial problems.

Lac Du Bonnet, MB

Bankruptcy in Lac du Bonnet, MB

Sometimes the best option for dealing with debt is by filing personal Bankruptcy. Personal Bankruptcy allows debtors to start fresh, and it is usually the quickest 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, even when 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.

Consumer Proposals in Lac du Bonnet

For people with unmanageable debt, who 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 Bankruptcy, is that, using the expertise and experience of your Licensed Insolvency Trustee, you make a proposal to your creditors for a settlement of your debt.
Generally, the debtor pays a portion of the 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. Once accepted by the creditors, the Consumer Proposal is binding on all creditors. All collection efforts cease, and interest and penalties are frozen.

Note: This is only true of a Consumer Proposal 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 a 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 in Manitoba. LCTaylor can help you decide if this financial solution is right for you.

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 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.