LCTaylor offers a number of other debt services:
We aim to help you find solutions to your financial problems. Sometimes the best solution is a Consumer Proposal or a Bankruptcy, but in many cases there are other debt solutions that you can achieve on your own, with consultation and advice from our experts. The first step is to set an appointment for your free initial consultation.
What to expect
When a client comes into our office for an initial consultation, it is free, and there is no time limit for the meeting. In fact, our Trustees have been known to meet several times with people for whom they have identified an alternative solution to their problems.
We ask that you bring to that first meeting, a list of who you owe money to, with approximate amounts, and some indication of your income — a pay stub is ideal, if you have a recent one. From there, we review with you exactly what your problem is, how you got there, and where you want to go. If a debt solution doesn’t take you further toward your personal goals, it isn’t a solution.
There are many reasons why a Consumer Proposal or Bankruptcy might not be right for you. This is particularly true for people who are what is called “judgement proof” — meaning their situation is such that creditors have no power to collect from them. Our experts will explain how to talk to the creditors when you are in this situation. With some good advice, people who are in this situation often only need to learn how to communicate with collectors.
Small business owners are also a group that often need help in identifying whether their business is, or could be, viable and whether they want to continue “the good fight”, or are simply ready to let go and move on. Our experts will take the time to work through that with them, and to make suggestions on how to correct the debt problems plaguing their business. They can help the business owner develop a plan for getting out of debt, and through a cash flow crunch. In situations where we can’t help, we can often refer you to someone who can. There is never a charge for these consultations.
Sometimes what you really need is someone to look at your financial situation and put you back on the right track when you know that bankruptcy or a proposal is not the right fit for you.
This means we can help you with money management, budgeting and long-term planning. These tools can be helpful in turning around small money troubles. They are also critical in the reestablishment of your financial well-being, after your debt problem has been solved.
We can also provide you with the tools to rebuild your credit rating. Whether you have filed a Consumer Proposal or Bankruptcy, or have identified a different means of overcoming your debt problem, you will need to work on rebuilding your credit rating. Even things like missed or late payments on your credit cards has a negative effect on your credit rating. Usually by the time most people seek help with the debt problems, their credit rating has already been seriously downgraded. We can help you identify practical and achievable ways to rebuild your credit rating.
If you have filed a Consumer Proposal or an Assignment in Bankruptcy with us, we provide the two financial counselling sessions that are required by the Bankruptcy Act. However, in situations where clients need additional help, we are happy to provide additional advice and resources.
When a company or corporation is having financial difficulty, it is sometimes necessary to place that company into a Receivership.
This also comes under the Bankruptcy and Insolvency Act of Canada — the same legislation as a bankruptcy or a proposal, but is a different way of liquidating assets to pay back corporate debts. Receiverships are usually initiated by a secured creditor, but the court system can also initiate them with an application to do so by a secured creditor.
Our Trustees are licensed to act as Receivers when this is necessary.
The Bankruptcy and Insolvency Act of Canada says that a court may appoint a Receiver to do any or all of the following if it considers it to be just or convenient to do so:
- Take possession of all or substantially all of the inventory, accounts receivable or other property of an insolvent person or bankrupt that was acquired for or used in relation to a business carried on by the insolvent person or bankrupt.
- Exercise any control that the court considers advisable over that property and over the insolvent person’s or bankrupt’s business, or
- Take any other action that the court considers advisable