Bankruptcy Kitchener Blog

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?

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.