WINNIPEG (PRWEB) August 13, 2020
Canadians owe $1.77 for every disposable dollar they earn, according to Statistics Canada.
Manitoba’s Licensed Insolvency Trustee firm, LCTaylor, anticipates many people will be forced to consider bankruptcy and consumer proposals.
Consumers shouldn’t delay getting the help they need.
LCTaylor has social distancing protocols in place right now.
The majority of Canadian households have too much debt. In the first quarter of 2020, Canadians owed $1.77 for every dollar they had to spend. That was before Covid-19. The economic crisis will leave the average household even deeper in debt. Many that were on the brink of insolvency prior to the pandemic, will need to take immediate action.
Following the economic shutdown, LCTaylor, a Licensed Insolvency Trustee in Manitoba and North Western Ontario, anticipates a wave of consequences, including many more consumer bankruptcies. Jillian Taylor-Mancusi thinks that, despite government assistance, many Canadians will be affected. “We expect that even those who were financially prepared for the inevitable emergency could not have foreseen the Covid 19.”
LCTaylor encourages consumers to avoid waiting to get help if they are having trouble meeting their financial obligations. Although there are currently many payment deferral options, if consumers were cash-strapped before, delaying payments now can only bring trouble in the future.
LCTaylor has extensive measures in place to allow LITs to continue to meet the needs of Manitobans seeking debt relief while still maintaining the recommended social distance.
Throughout the crisis, the Office of the Superintendent of Bankruptcy, which regulates and oversees bankruptcy trustees, has continued to offer many of its core services remotely to support the insolvency process.
The Licensed Insolvency Trustees at LCTaylor are prepared to explain their services and offer support via telephone, videoconference or email. Identity verification and security measures have been implemented to ensure that the privacy and the integrity of the process are maintained. Where needed, in-office visitations are available using strict sanitation protocols the firm has implemented to ensure the health and safety of everyone involved.
“Our staff has been here in the office, working safely throughout the Covid crisis, to ensure that our clients still receive the most professional level of service possible. While we provide our services via telephone and internet because of Covid concerns, we are aware that this is still a very personal and private business. By working from the office, our staff has been available on a timely and professional basis. What our customers need most during this time is answers, and the customized information needed to help them come to an informed decision about their future.” says Jillian Taylor-Mancusi.
LCTaylor’s team of Licensed Insolvency Trustees has been helping people in Manitoba since 1992. The firm has offices in Winnipeg and Kenora. In addition to filing consumer proposals and bankruptcies, both of which can stop wage garnishment, LCTaylor provides financial counselling and help to rebuild credit.
Name: Jillian Taylor-Mancusi, LIT
Title: Managing Partner, LCTaylor
Phone: (204) 925-6400