Posted under Bankruptcy & Bankruptcy Kitchener & Consumer Proposal
I am hearing on the news that we are getting out of this recession that we have been in. They say that we are to be seeing improvements. I am not sure how they calculate their statistics, but people in Kitchener-Waterloo are still feeling the impacts of the recession and financial crisis.
In our Kitchener office in August 2009, we opened more personal bankruptcy and consumer proposal files than any other month in our firm history. There are several reasons for this fact, but it can primarily linked to the impact of economy.
My personal feeling is that residents of Kitchener-Waterloo will continue to feel a financial squeeze for several months. Coming out of a recession sounds good on paper, but the reality is that people have to rebuild their personal financial situation. Changes in employment, reduced income, increase credit, playing catch-up, banks not as helpful, etc are all areas one must now deal with.
To complicate the situation, in August the government announced that they are implementing the new bankruptcy laws on September 18, 2009. People will still have the options of consumer proposals and personal bankruptcy but there will be changes from how they were in the past.
If you are still feeling the impact of the recession and want to discuss you options, call our Kitchener office at 519-747-0660 or e-mail us.
Scott Schaefer - Bankruptcy Trustee
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