Bankruptcy Kitchener Blog

I was meeting with a couple today in Kitchener and they decided that they are going to file for personal bankruptcy to deal with their overwhelming debts.  They are in their mid-thirties and have two young children. The personal bankruptcy will clear their debts, but only after they complete certain duties or conditions, including two credit counselling sessions, which will assist with their situation today and in the future.
 
The credit counselling sessions are required in all personal bankruptcy and consumer proposal filings. The sessions are conducted by a qualified credit counsellor and are generally done on a one on one basis, or in the case of a couple, attended together. 

The credit counselling sessions must be completed within a certain period of time – the first session in between 10 and 60 days after filing, and the second session within 30 days after the first session, but before the 210-day mark, or 7 months after the filing.

The sessions are designed to help people understand how they got into their financial trouble and teach them how to make a plan for the future.  In the first session, money management, spending and shopping habits, warning signs of financial difficulties, and obtaining and using credit are all discussed.  The second session is more personalized, looking at the  causes of the person’s financial situation and reviewing information from the first session.  If necessary, the counsellor will also provide more information or resources for future help.

The couple I met with today will find the credit counselling sessions valuable because they will help them understand their situation better and provide insight on how to handle future situations.  The couple has two children and their next goal is to own a house.  By filing for bankruptcy, they get a financial fresh start and the credit counselling sessions can help them work on budgeting and a plan to save for a house.

If you are experiencing financial difficulty and need some additional guidance, call me at  310-PLAN for a free consultation, or e-mail me any questions you might have. Let me help you get your financial fresh start.