It's Only Money and it Can Be Managed

It’s Only Money and It Can Be Managed

  • By Leigh C. Taylor, LIT

The Most Rewarding Part of Solving Debt Problems

We recently received the testimonial below, via email. The author withheld their name. I wish I knew who they are so that I could chat with them about it. One of the most interesting and rewarding parts of my job is hearing the success stories of former clients.

“This is my testimonial: No question about it. I am so glad that I came to LC Taylor to help me out of a financial problem much bigger than I could handle. Business school didn’t teach me how to go out of business and the first place I went to gave me bad advice. Creditors were still phoning. I thought I’d have a heart attack. I was in tears and almost did the unthinkable. Then I saw an LC Taylor advertisement, and it was like a silver cloud of hope. My life changed for the better on the day I had my first appointment. (It still chokes me up to think how bad it was for me at the time and how uplifting the possibility of help was) Don’t get me wrong: bankruptcy was really hard, but 7 years later, it was so very worth it. I have many regrets about that time of my life but going to LC Taylor was the best decision I ever made.

PS, I’d like to thank LC Taylor & Co. for giving me back my life and a happier future to enjoy with my Grandkids. And don’t worry that people are staring at you when you go into the building. They aren’t; even if they do see you, they know you have made the right decision, and you are going to the right place to see professional people who will help you 🙂

(To LC Taylor & Co. Thank you from the bottom of my heart. You really did save my life.)”

When you deal, as we do, with people who are struggling with out-of-control debt, you see people who experience despair and embarrassment about their financial situation. I know that the person who wrote this testimony is not alone. I’m convinced that there are many of our former clients who came close to doing the unthinkable before they came to us for help. I am thankful that we could help them to solve the stress caused by debt.

We see people who are in debt for a variety of reasons. There are many who simply made some unwise financial choices from which they cannot recover on their own. Others have lost their jobs or experienced marriage breakup. And then there are the ones that have lost a spouse to cancer or a heart attack, or who have cancer themselves. Regardless of the reason for the cause, serious debt is a problem that won’t go away on its own. The only logical, even honorable thing to do, is to seek help to get out from under the load and move on with life.

Unmanageable Debt Affects Health and Family

A recent study indicated that 82% of Canadians hold some debt, with 14% saying that they hold a lot of debt. 40% of Canadians feel that debt negatively affects their health, and 50% say debt is causing them stress and that they often feel overwhelmed by the problem. A third of Canadians say that worries about debt keep them awake at night. Of the people that say they have “a lot” of debt, 80% of them feel overwhelmed by the situation, 70% feel it is affecting their mental health.

It doesn’t end there. The same survey indicates that carrying substantial debt erodes personal relationships. 56% of the people carrying a lot of debt say that their debt is causing issues in their relationships. We see this first hand every day. Often, by the time someone seeks help with their debt problem, their relationship is already irreparably damaged. We can solve their debt problem, but it is too late for their marriage. The people that seek help sooner have a much better chance of moving on to a strong financial future together.

What a Licensed Insolvency Trustee Can Do

I consider it a great privilege to be able to help people when they need it most. As a Licensed Insolvency Trustee (LIT), I can assist people to review their situation, discern their objectives, and find the right solution for their financial problem. My Trustee’s license from the federal government gives me two special tools that only an LIT can use – Consumer Proposals and Bankruptcy. These are the two most powerful tools in the debt solution toolbox. They can stop collection practices, even court actions, wage garnishments, and tax collection. With our many years of experience, we know how to best solve the most difficult financial problems. Complex situations can be simplified; stressful problems can be matched to practical solutions – solutions tailored to solve the unique problems that people bring to us.

It’s Only Money, and It Can be Managed

Finally, spending time with people who are struggling with such overwhelming circumstances, has taught me a lot about life. As a result, one of the first things I tell people who are despairing about their debt is, “It’s only money.” Now that might seem to trivialize their debt issues, but in truth, it puts the situation in perspective. There are far worse things that can happen to us than to be deep in debt, to perhaps need to go bankrupt or file a Consumer Proposal. I can tell you from my experience with our clients, losing a spouse, or facing death yourself is a far worse place to be than being in debt. Debt is something we can solve. Debt can be eliminated and left behind for a brighter future.

Call us today for a free consultation on how to turn the corner financially and get back to what is really important – your life.


Leigh C. Taylor, LIT

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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