LCTaylor, Licensed Insolvency Trustees, has been serving Morden for 30 years. In that time, we have helped hundreds of people from Morden and the surrounding area with their debt problems.
Morden is an important service hub for the southern region with lots to offer. Along with Morden’s excellent culture and recreation scene, the city supports diverse industries like manufacturing, agriculture and healthcare.
Morden’s status as a fast-growing city population with success in attracting immigration, means that business opportunities are also growing. As people take risks to grow their businesses, unforeseen problems (like a pandemic) can put those businesses at risk financially. As well, Morden’s agricultural roots mean that extreme weather events such as droughts can result in failed crops and financial hardship.
Debt Help in Morden
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 Morden, 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 Morden, 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 Morden, Manitoba and federal legislation dictate 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 Morden and rural Manitoba.
