At LCTaylor, Licensed Insolvency Trustee, we have been assisting residents of Steinbach and southeastern Manitoba for over 30 years. During this time, we have helped hundreds of people from the Steinbach region to put their debt behind them and move towards a strong financial future.

The Steinbach economy has traditionally revolved around farming and agriculture, but in recent years it has become one of the fastest growing communities in Manitoba. This has led to a more diversified economy in what is now Manitoba’s third-largest city. While agriculture is still very important, other sectors such as financial services, retail and manufacturing are becoming major employers in the city.

Just as there is no typical career or job field for a resident of the Steinbach 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 Steinbach 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.

Even with the recent diversification of the economy in the Steinbach area, a significant number of people in the region continue to work in agriculture; an income source that is traditionally both seasonal and cyclical. As a result, there are certain times, either months in a year or a few years in a row, when residents may have difficulty making ends meet.

Debt Help in Steinbach

When your income drops, it is very difficult to cut your expenses just as quickly. If your income becomes lower than your expenses, it may become unavoidable to use forms of debt, such as credit cards and lines of credit, to get by. If this happens for an extended period of time, it is very likely that the resulting debt will be more than you can repay, even in better times.

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 Steinbach, 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. These include 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. Read more about Consumer Proposal in Manitoba.

Bankruptcy in Steinbach, 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 Steinbach, 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 Steinbach and southeastern Manitoba.

Call now for a free consultation: 1-800-463-8371. We are here to help you with your debt problems. We can meet you in person and virtually.