Bankruptcy Kitchener Blog

Archive for August, 2007

Stadivarius Anyone?

Posted under Bankruptcy Kitchener & Consumer Proposal

I recently read an article in the Washington Post about an experiment that was conducted at the Metro in Washington on a typical Friday in January.  Joshua Bell, an internationally acclaimed musician who has performed in many of the great concert halls around the world, agreed to play his violin at the Metro station during morning rush hour.  He performed for 43 minutes during which time 1,090 people passed the spot where he stood.  Many of these people either had a coffee in hand or where talking on cell phones. Of the 1090 people who passed him by a grand total of 7 paused for a moment to enjoy the music. 

OK not everyone is a fan of classical music or (like myself) didn’t even know who Joshua Bell was before reading this article.  However, just the fact that an obviously talented musician was playing the violin in a train station at 7:30 in the morning should have been enough to get the attention of more than 7 out of 1090 people.   A poll was done on the train about this event and while the comments varied most of them were along the lines of “no time”, “big meeting this morning”, “gotta get to work”, “I’m already late”,  “what violinist?”.

You may be wondering what any of this has to do with a blog about financial difficulties or money problems.  It was obvious from this experiment that less than 1% of the people involved felt relaxed enough that they could take a few moments out of their routine to enjoy something unusual.  It made me think of many of the people I meet with on a daily basis.   Financial difficulties and money problems are undoubtedly one of the big stressors of today and many people are stretched to the limit trying to keep up.   On numerous occasions I’ve had people tell me that their ability to make payments on their debts relies on working overtime, or having two jobs or that both spouses must be gainfully employed at all times.  They are often consumed with worry and concern about how they are going to hold everything together “if something happens”.  Unfortunately, all too often something does happen that can tip the balance and send them into a world of collection agents, legal battles and garnishees.

If you are feeling that you can’t possible relax for fear of losing the grip on your finances give us a call us at 310-PLAN (that’s 310-7526, no area code required, anywhere in Ontario), or complete our one minute on-line evaluation and one of our professionals will contact you to set up a no-charge initial consultation to help you make a better plan to deal with your debts.        

Posted on August 15th 2007

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Today’ Trivia Question: Consumer Proposals in Kitchener

Posted under Bankruptcy Kitchener & Consumer Proposal & Credit Cards

Here’s today’s trivia question:

Which city in Ontario had the biggest increase in the number of consumer proposals filed in the first six months of 2007?

Since you are reading this on the bankruptcykithchener.org web site, you have probably already guessed the answer:

The number of consumer proposals filed in Kitchener, Ontario increased by 45% in the first six months of 2007, the largest increase of any city in Ontario, and significantly larger than the increase of 22% in the entire province of Ontario.

douglashoyes.jpg

Douglas Hoyes, CA

So, is this good news or bad news?

Some will say it’s bad news, because an increasing number of people in Kitchener are experiencing debt problems, and need a way to deal with their debts.

I prefer to think that this is good news. Many people still believe that the only solution to debt problems is personal bankruptcy; I’m glad that the word is getting out that there are other alternatives.

(I’ve done my part to get the word out; Ted Michalos and I appeared on Ask the Experts on 570 News in Kitchener back on March 3, and we discussed how consumer proposals can be used to deal with credit card debt. We also talked about consumer proposals when we returned again on April 2).

I think the increase in consumer proposals in Kitchener is also good news because most residents of Kitchener who file proposals have a job and are earning an income, because without an income it’s hard to make a proposal. An increase in proposals shows that debt levels are increasing in Kitchener, but it also shows that people in our area have jobs, which is good news.

It’s also good news that many Kitchener residents want to repay their debts, and when given the chance they are happy to make a deal with their creditors.

In a consumer proposal we negotiate a settlement with your creditors; in most cases you pay less than the full amount owing. Your debts are taken care of, and you only have one monthly payement.

Would you like to find a way to stop collection calls? Wouldn’t it be great to only have to worry about making one payment each month? Then a consumer proposal may be right for you. To find out if a consumer proposal is right for you, call our Kitchener office at 310-PLAN (310-7526, no area code required) or e-mail us to arrange a free initial consultation. There is help available, so give us a call, and let’s get started.

Posted on August 2nd 2007

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