Licensed Insolvency Trustee firm LCTaylor has been helping the people of Portage La Prairie and the surrounding area solve their debt problems for over 30 years. In this time, hundreds of people from Portage La Prairie have worked with us to leave debt troubles behind.
The Portage La Prairie economy has long revolved around agriculture, but has diversified as of late. Many ancillary industries such as food processing, food science and trucking have a presence in the region, and it has become a regional hub for retail shopping and services as well.
Those who need debt help, whether they are from Portage or somewhere else, may be seeking that help for any number of reasons. The most common causes of insolvency are things that can happen to anyone, such as health issues, a job loss or the breakdown of a relationship.
Complicating the situation in an agricultural-based economy, such as the one in the Portage La Prairie region, are seasonal and cyclical changes. There are certain times, whether it is months in a year or years in a decade, where families may have difficulties making ends meet due to circumstances beyond their control.
When someone’s income is reduced, either due to a general economic downturn or reasons more specific to their unique circumstances, it can be very difficult to decrease expenses equally. Most monthly payment commitments that people have cannot be easily adjusted. This means that people are left having to fill the gap with consumer debt such as lines of credit, loans and credit cards. If the monthly gap between someone’s expenses and income is minor and does not last for many months, it may be possible to recover and pay off this debt when your income recovers. On the other hand, if the gap is significant and/or it continues over the long term, you may be left with more debt than you can repay.
If you believe that you may have more debt than you can repay, we encourage you to discuss all of the options available to you with the 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 Proposals in Portage La Prairie, 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, including 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 Portage La Prairie, 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 Portage, 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, RRSPs, tools of the trade, and most farming assets. 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.
Bankruptcy in Portage La Prairie, Manitoba
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 Portage La Prairie.
Call now for a free consultation: 1-800-463-8371. We are here to help you with your debt problems in person or virtually.
