Debt Help In Selkirk: Bankruptcy, Consumer Proposal, Free Consultation

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

Selkirk is an exciting, growing city that prioritizes sustainable development. With lots of migration to the area, the big purchases that come with a move to a new city can cause financial strain. With most enterprises in Selkirk being small, independent businesses, even minor fluctuations can lead to problem debt. Circumstances like the Covid shutdowns of 2021 – 2022 made operating a small business particularly challenging.

The city is a service provider to surrounding areas with majority of jobs in healthcare, but Selkirk has seen job losses in some areas like manufacturing, and the transition to a new job or new industry can also lead to debt.

Just as there is no typical career or job field for a resident of the Selkirk area, there are no typical characteristics of a person who finds themselves having difficulty dealing with their debt. Those seeking debt relief, regardless of if they are from Selkirk or anywhere else in Manitoba, do so for a wide variety of reasons. Some of the main causes of insolvency are job losses, relationship breakdowns and medical problems, and these things can unfortunately happen to anyone.

As Licensed Insolvency Trustees in Manitoba, our goal is to educate people we meet with about all of the options available when facing serious financial problems.

If you think that your debt might be difficult to repay, why not give us a call and get free information about the options you have? We have a team of trustworthy and experienced debt professionals here at LCTaylor, and we would be happy to discuss possibilities with you. We offer various services, including credit counselling, debt management, debt consolidation, Consumer Proposals and Bankruptcy.

Consumer Proposals in Selkirk, Manitoba

Debt Help in Selkirk 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 actions, 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. Read more about Consumer Proposal in Manitoba.

Bankruptcy in Selkirk, 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 that may have to be surrendered. In Selkirk, 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, most assets used for farming, RRSPs 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. Read more about Bankruptcy services in Manitoba.

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 Selkirk and the surrounding area.