Regulated by the Government of Canada
Manitoba Bankruptcy Help
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Are you losing sleep because of your debt?
Are you in a constant state of anxiety, trying to keep your head above water? If so, it’s time to reach out to a Licensed Insolvency Trustee (LIT) at LCTaylor. While Bankruptcy is not the only solution for debt problems it is sometimes the best solution. Filing for Bankruptcy has several benefits, including:
Immediate protection from your creditors
Collection calls, wage garnishment, and other legal actions against you will stop.
Elimination of unsecured debt
With only a few exceptions, your unsecured debts can be wiped away.
Short time frame
A personal Bankruptcy can be over in a relatively short time – in most cases you can be discharged in 9 months.
Opportunity for a fresh start
Put your debt behind you and create a fresh financial start for you and your family.
Personal Bankruptcy Manitoba – What is it and when is it a good option?
Bankruptcy is a legal process governed by the Bankruptcy and Insolvency Act.
To be eligible to file Bankruptcy in Canada you must be an insolvent person. This means that you:
Owe at least $1,000
To qualify for Bankruptcy, you must owe a minimum of $1,000 in unsecured debt.
Are unable to pay your debts as they become due
Filing for Bankruptcy requires you to be insolvent meaning, you’re unable to pay the debts you owe.
Have debt that is greater than the value of your assets
The amount you owe is greater than the sale value of your assets.
Will I lose my assets?
When you file for Bankruptcy in Manitoba, there are many assets that are exempt, meaning that you don’t lose everything. Exemptions include household furnishings and personal effects, registered pensions and RRSP’s, and tools used to earn a living. Farmers in Manitoba have additional exemptions, designed to allow them to continue operation of the farm.
No one wants to lose their home or vehicle and depending on the equity, the amount you owe, and if you are current with your payments – it is possible to keep them. This is the more complicated part of Bankruptcy and your Licensed Insolvency Trustee will be able to advise you.
How can declaring Bankruptcy reduce my debt?
Once you formally file Bankruptcy, wage garnishments, creditor phone calls, and creditor lawsuits will stop. You will no longer make payments directly to your unsecured creditors. Bankruptcy eliminates credit card balances, unsecured bank loans, lines of credit, payday loans and tax debts. Student loans can also be included if you have been out of school for seven years or more.
When you are discharged from Bankruptcy, you are free from the debts you had when you originally filed for Bankruptcy (with a few exceptions such as alimony and child support payments). This is the beginning of your fresh financial start.
How do I file for Bankruptcy in Manitoba?
We are here to guide you through your journey to debt freedom.
Why reach out to a Licensed Insolvency Trustee?
Our Licensed Insolvency Trustees meet with people every day who are over their heads in debt. Unmanageable debt can happen to anyone in these uncertain times. They provide practical advice and support.
An LIT is the only federally regulated professional authorized to administer a Bankruptcy. They will explain the debt management options available and help you decide if Bankruptcy is the right choice for you and your family. By reaching out to an LIT, you are taking the first step in eliminating your debt and giving yourself a chance at a fresh financial start.
LCTaylor: Your local Manitoba Bankruptcy Trustees
LCTaylor has been serving the people of Manitoba for over 30 years. We are Manitobans serving Manitobans. We live here, we work here, and we are honored to serve those in our community.
We offer a full range of debt management services including Bankruptcy, Consumer Proposals, and Debt Counselling.
50,000+
Manitobans helped
30 years
In business
5 stars
Excellent reviews
0 upfront fees
No-obligation consultation
Client Testimonials
Wondering what you can expect when you work with a Manitoba Bankruptcy LIT at LCTaylor? Here’s what our clients have to say.
Already a client? Leave a review for us on Google.
At a time of stress and the unknown LC Taylor helped flawlessly. From the first appointment to the day I paid the loan off all of my questions were answered promptly. Daniel was amazing to work with (responded to every email, sometimes multiple, immediately). The receptionist at the front desk was a friendly smiling face, that was a pleasure to see each time I went in.
Thank you LC TAYLOR for making a scary, and unknown time in my life more manageable. Hope to never see you again.
Kendra
When I went through extremely difficult post-divorce financial issues, LC Taylor was nothing short of excellent in helping me through them. After receiving rude and dismissive treatment from one of their large competitors, LC Taylor proved to provide service and help that was exactly the opposite – and this was sustained over a period of years. Specifically, I would single out Jayne, Ashley, and LC himself as people who simply went above and beyond. I couldn’t provide a higher recommendation. These people will do everything they can to help you through your most difficult time, and they know their stuff.
John
LCTaylor – Manitobans serving Manitobans
Reach out to speak with a Licensed Insolvency Trustee today. In person or virtual (phone, email, video) appointments available.
BANKRUPTCY HELP
LCTaylor Licensed Insolvency Trustee is a Bankruptcy administrator in Manitoba. We will help you create your debt relief plan, get legal protection from your creditors, and start fresh.
