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HOW WE HELP

Financial Recovery and NOT going bankrupt is a very real option for most people. We have over 60 years of combined trustee experience in Manitoba to guide you. We have helped many people settle debts owing to Canada Revenue Agency (Revenue Canada).

Contact us for a FREE assessment – let’s start the process today.

The first step is the hardest. You need to contact us for an appointment. We will respect your dignity and ask you a few questions over the phone without judging you. Once you are comfortable with us we will ask if you would like to meet in person at a time that is convenient. Our normal business hours are Monday to Friday 8:30 to 4:30 but we will make ourselves available to you as best we can. This consultation is FREE and all you get is our advice and our requirement that you Sleep-on-it and call us back only after thinking about what you have learned.

You will be asked to bring to the meeting a list of your debts, a list of your assets and a personal budget of your monthly income and expenses. We will review this information with you and determine what options you have. Many people we meet are referred to one of our trusted sources that we have developed over the years. Referrals may include a credit counsellor, a banker, a realtor or a lawyer – depending on your needs.

If your situation requires us to help we will strongly encourage a consumer proposal and help you AVOID bankruptcy. We currrently have an 85% consumer proposal rate to 15% bankruptcy. What this means is you likely will NOT go bankrupt if you call us!

As a Licensed Insolvency Trustee we are licensed to operate in Manitoba by the Office of the Superintendent of Bankruptcy to file consumer proposals. No one else has this authority. We have the training, education and over 60 years of combined trustee experience to guide you back to financial recovery.

BANKRUPTCY FAQS

70% of our clients avoid bankruptcy with a proposal that creditors approve. We are located in Winnipeg but can assist anyone in Manitoba. Call 1-800-220-0005.

A person who declares bankruptcy is assigned an R9 credit rating score. A consumer proposal results in an R7. Information that affects your credit score is usually removed from your credit report after a certain period of time. The length of time that information must stay in your report depends on the type of information and where you live. During your first meeting with us we will go over credit rating with you in detail based on your personal situation.
Some debts are not discharged by bankruptcy or proposals. These include:

alimony payments and child support; student loans, if it is less than seven years since you ceased to be a full- or part-time student; fines or penalties imposed by the Court; and debts arising from fraud.

In addition, bankruptcy and proposals generally do not affect the rights of secured creditors. If a creditor has a valid security against your property (e.g. a car or a house) you may be able to keep the property (and the payment) if you can afford the monthly payment. You will need to make financial arrangements with the secured creditor.

We will explain to you the exemptions that are available to you and the limits that are available to you in Manitoba. If you have equity in certain assets that you are not prepared to lose, we will discuss with you options to keep them. Either you will be required to purchase them from us or filing a proposal that results in more funds for your creditors than would be realized from the sale of the asset. Your job is to ensure that you fully disclose all your assets to us and have supporting information to determine their value.
Your debts are your own. However, if you and your spouse incurred a joint (co-signed) debt, a creditor can pursue your spouse for repayment. In addition, anyone who has co-signed a loan for you will still be responsible for making loan payments after you go bankrupt or file a proposal.

Only assets owned by you are considered by your trustee. If assets are jointly owned with a spouse, then your portion may have to be sold and distributed to the creditors. It is important to make us aware of joint assets so that each case can be reviewed individually.

Wages are not affected by bankruptcy or proposal. However, you will be required to fill out an Income and Expense Form listing any income you may have. If your income exceeds certain standards established by the Office of the Superintendent of Bankruptcy (OSB), you will be expected to pay a portion of the surplus into the bankruptcy estate. If you file a proposal, the amount you offer your creditors as a settlement must exceed the amount that would be paid to us in your bankruptcy. We will explain this in detail when we meet with you.
A bankruptcy or proposal may release you from your obligation to repay your student loans if you file with us and at least seven years has passeed after you ceased to be a part or full-time student.

However, the court can order a release from the obligation to repay a student loan as early as five years after the bankrupt has ceased his or her studies if repaying the student loan will result in the person continuing to experience major financial difficulty (undue hardship) and if the person has made efforts to repay his or her loans.