Debt Solutions & Consumer Proposals in Manitoba
No matter your debt situation, our team of Licensed Insolvency Trustees is here to help you reclaim your stability. Give us a phone call and we’ll give you a plan.
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Bankruptcy exemptions in Manitoba
If you file a bankruptcy in Manitoba, you will be wanting to know what items are exempt from seizure and this can differ between provinces.
Remember that bankruptcy should always be a last resort and there may be other viable alternatives that you can discuss with your licensed trustee.
According to The Executions Act, there are certain assets that are exempt in bankruptcy so you can have peace of mind knowing that personal property can be protected from creditors.
Harris & Partners is a specialist Licensed Insolvency Trustee with offices based across Canada, providing debt relief solutions to individuals and businesses struggling to manage their debt.
Contact us today for a free consultation with one of our licensed insolvency trustees and we’ll help you find the best debt solution for you.
How do consumer proposals work in Manitoba?
With a consumer proposal, individuals enter a legally binding agreement with creditors, drawn up by their licensed insolvency trustee, that outlines a debt repayment plan that works for both parties.
To determine whether a consumer proposal is the right choice for you, your total debt must be under $250,000 (or $500,000 for spouses) and you must prove that you are unable to make minimum monthly payments on bills.
A consumer proposal is a better alternative to bankruptcy because it stops your assets from being taken and makes debt repayment far more manageable.
If you are based in Manitoba and want to find out more about the process of filing a consumer proposal, get in touch with us today.
Looking for debt consolidation advice in Manitoba?
If you’ve got multiple debts and you’re looking for a way to simplify things, you may be considering debt consolidation. Unfortunately, this doesn’t always address the root of the problem, and often leaves you paying back more in the long run.
A consumer proposal could be a better option for you. This way, you can reduce the amount you owe by up to 80%, and pay it back in reasonable monthly installments based on what you can afford.
Everyone’s situation is different. Give us a call today and we’ll help you find the best path to a debt-free future.
Debt help in Manitoba - it’s a simple process
Visit us and have a chat in Manitoba. We begin with a friendly, open conversation to truly understand your situation. We’re all ears, listening without any judgment, as we discuss your financial details like income, debts, and creditors. These initial consultations are completely free, and your information is always kept confidential.
Once we have a complete understanding of your financial picture, we’ll help you craft a plan that fits your needs perfectly. We’ll look at different strategies for managing your debt, focusing on the ones that make you feel comfortable. Our role is to guide you, not pressure you into decisions.
Once you’re ready and confident with the plan, we’ll put it into action. Your financial health is our main concern, and you can count on us to support you every step of the way.
Our debt management solutions in Manitoba
Tackling debt can seem like a crushing burden, but remember you have several options in Manitoba to help manage and mitigate your financial challenges:
Example Savings Calculator With Harris & Partners Debt Relief
Your Potential Debts:
Your monthly repayments over a 60-month period would be
Before Help
$1409
After Help
$210
Monthly payments are determined based on individual financial factors
How Much Could I Save?
Manitoba bankruptcy exemptions
In Manitoba, equity plays a large part in what can and cannot be seized as part of bankruptcy proceedings. For example, In Manitoba, you are allowed to keep a car that is worth $3,000 or lower. So, if you have a car worth $7,000 and you still owe $4,000 to pay it off in full, your creditors cannot take your car from you because there is $3,000 worth of equity in it. Other exemptions include:
- All clothing.
- Household furnishings and appliances valued up to $4,500.
- Food and fuel needed for six months or the financial equivalent.
- Trade tools valued up to $7,500.
- A motor vehicle worth up to $3000 when used for business or work-related purposes.
- Health aids such as wheelchairs, hearing aids, prosthetics etc.
- Up to $2,500 worth of equity if you are the sole homeowner and $1,500 if co-owning.
- Any furniture that is necessary for religious activities.
- Certain life insurance policies.
- Farmers: Equipment, animals, animal feed, any vehicles needed for the next 12 months and up to 160 acres of farmland.
How can I find out more?
We understand that bankruptcy is a scary process to confront and this is why it is so important to consult your local licensed trustee in Manitoba to make sure that you are clear about all of the options available to you.
Contact Harris & Partners Licensed Insolvency Trustee for a free, no-obligation consultation and start your journey towards a debt-free life.
Why choose us for debt help in Manitoba
Our Licensed Insolvency Trustees in Manitoba have years of experience in designing personalized plans that can significantly reduce your financial burden, with the potential to cut your debt by as much as 80%.
No matter which language you’re most comfortable with, our team in Manitoba is ready to provide clear, straightforward advice. Whether it’s Farsi, Portuguese, Italian, or Tamil, we aim to make everything clear and understandable, every step of the way.
Our dedication to helping you extends beyond Manitoba. With services available in nine provinces, help is just a phone call away whenever you need it.
Frequently asked questions
What is a Consumer Proposal in Manitoba?
A consumer proposal in Manitoba is a legally supervised process where you agree to pay back a portion of your debts under the guidance of a Licensed Insolvency Trustee. This arrangement helps reduce your total debt, extends your repayment terms, and protects your assets.
What Assets Are Exempt from Bankruptcy in Manitoba?
In Manitoba, certain assets are shielded during bankruptcy. These include essential clothing, household goods, work-related tools, a primary vehicle up to a certain value, some pensions, and potentially a portion of your home equity.
How Do I Declare Bankruptcy in Manitoba?
To initiate the bankruptcy process, you’ll need to consult with a Licensed Insolvency Trustee in Manitoba. They will evaluate your financial situation, explore your options with you, and if bankruptcy is deemed appropriate, they will guide you through all the necessary procedures and paperwork.
It's never too late to obtain debt help. Book your free consultation today
- Phone number
- 800-268-8093
- hello@harrispartners.ca
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Debt Relief in Manitoba & Across Canada
Whether you’re in Manitoba or any of the other eight provinces we serve, our team is ready to support you.