Debt Help in The Pas

At LCTaylor, Licensed Insolvency Trustee, we have been helping residents of The Pas and Northern Manitoba for more than 30 years. Over these decades of service, we have helped hundreds of people from this region put their debt behind them and move forward in life.

The economy in The Pas has been largely resource-based, but is becoming more diversified in recent years with increased employment in sectors such as health, education, tourism and transportation. Just as there is no stereotypical field of employment for someone from The Pas, there is no stereotypical person who finds themselves in debt. People seeking relief from their debts, whether they are from The Pas or anywhere else in Manitoba, come from all walks of life. Things such as health issues, job losses and relationship breakdowns are some of the major contributors to becoming insolvent, and can happen to anyone.

The Pas, Manitoba

Notwithstanding the impressive efforts to diversify the local economy, there remains a significant number of people in and around The Pas who work in industries such as forestry and agriculture that can be both seasonal and cyclical. This means that there can be certain times, be it months in a year or years in a decade, where there may be struggles for families to make ends meet.

Unfortunately, it is not easy to reduce your expenses as quickly as your income is reduced. Many people have monthly payment commitments that are not easily adjusted, and use debt such as credit cards or lines of credit to make up the difference. This can be a solution in the short term if things turn around quickly, but if they do not, you may be left with more debt than you can repay, even after things turn around.

If you find yourself in this situation, you can discuss all of the options available to you with our 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 The Pas, Manitoba

If you have a steady and reliable source of income, a Consumer Proposal may be a good option to address your debt. 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. This gives them a fixed and certain payment amount and an end date for their debts. A 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 The Pas, 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 The Pas, 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 administer 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.

Debt Help in The Pas

Give us a call or send us an email to arrange a free, no obligation consultation. We look forward to hearing from you in The Pas and Northern Manitoba.


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