Benefits of Filing Bankruptcy in Manitoba

  • By Leigh C. Taylor, B.A., CPA, C.I.R.P.

Do you feel like nothing you do is making your money troubles better?

If you haven’t considered the potential benefits of filing bankruptcy, you may want to take a closer look.

Bankruptcy could be a solution to your financial problems – and the fresh start you really need.

There are seven benefits of filing bankruptcy that will make an immediate difference in your life.

 Benefit #1

#1. You can answer your phone and open your mail again.

Once the bankruptcy is underway, collectors will have to stop contacting you. You can answer the phone without fear. You can even look forward to your mail again.

Benefit #2

#2. You can receive your entire paycheck.

If your wages are currently being garnished to pay back a debt, that will stop. And if they aren’t, that option is taken off the table. So you no longer have to worry about going to court for not paying your credit card bills.

 Benefit #3

#3. Your debt will be extinguished.

Your financial situation will immediately improve because most, if not all, of your unsecured debt is eliminated. That’s the things like credit card debt, or student loans lines of credit or overdrafts.

That gives you a little breathing room and a chance to think more clearly about how to manage your monthly living expenses better… rather than just getting by.

Benefit #4

#4. You can start financial planning.

No more putting off planning until you pay off your debt. You can start planning for the future because you will finally have enough money to meet your expenses.

 Benefit #5

#5. You will learn how to budget.

Even if you thought you knew how to budget, nothing beats the advice of a professionally trained Licensed Insolvency Trustee who has helped hundreds of people get out of debt. Like the Trustees at LCTaylor.

During your bankruptcy, you will have two financial counselling sessions, as well as a monthly review of your finances. This will help you spot things you can do differently that maybe you didn’t see before because you were so overwhelmed.

 Benefit #6

#6. You will learn how to save.

Once you declare bankruptcy, you may have what is known as surplus income. With most, if not all, of your unsecured debt gone, you could come out of bankruptcy a little ahead. You’ll be encouraged to save at least a portion of that surplus for the future so you have money in the bank when you need it.

 Benefit #7

#7. You will sleep better.

Let’s face it: It’s hard to be broke. You may feel anxious and depressed when money is tight, and creditors are calling. You may be losing sleep over it.

Many people just like you struggle with the decision to declare bankruptcy. But once they decide to take action, they wonder why they didn’t do it earlier. Because they felt better right away. And so will you.

There you have it – the seven benefits of bankruptcy in Manitoba.

Declaring bankruptcy may be the smartest decision you can make. But the best way to start is to call a Licensed Insolvency Trustee like the ones at LC Taylor. You can set up a free, no-obligation consultation, and LCTaylor can help you decide if bankruptcy is the best option for you.

The sooner you get started with LCTaylor, the sooner you’ll be debt-free. Because your debt rescue starts here. 1-204-925-6400

Leigh C. Taylor, B.A., CPA, C.I.R.P.

Leigh has been working in the insolvency field since 1975. He is a graduate of the University of Manitoba. Leigh began his career as an Official Receiver with the Office of the Superintendent of Bankruptcy. He is a Certified Professional Accountant, and he attained his license as a Licensed Insolven Read More Leigh has been working in the insolvency field since 1975. He is a graduate of the University of Manitoba. Leigh began his career as an Official Receiver with the Office of the Superintendent of Bankruptcy. He is a Certified Professional Accountant, and he attained his license as a Licensed Insolvency Trustee in 1980. Leigh has been a member of the Canadian Association of Insolvency and Restructuring Professionals (CAIRP) since its inception. He is a Past President of several organizations, including the Manitoba Association of Insolvency and Restructuring Professionals (MAIRP), the Armstrong Point’s Association, and the Manitoba Opera. In addition, he has served for numerous years in leadership roles in Winnipeg churches. Close

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