Bankruptcy Kitchener Blog by Scott Schaefer

We keep hearing in the news that the economy is improving and that businesses are recovering. For the past 18 months there have been some major impacts on the economy with job loss, hour reduction, decline in the stock market etc. Like all recessions, we eventually come out of them, but in today’s day and age we live in a global climate and as such as Canadians we feel the effects of a lot of other problems in other countries, such as the current collapse in Greece. This turmoil could cause the recession to remain and the recovery to be slower than in the past.

I meet with people from the Kitchener Waterloo area and feel and understand how these times have been tough on them and their families. They are not alone, in my Kitchener office, we are still seeing many people who are trying to recover from these hard times. These people are finding that the banks and credit card companies are not working with them to get over the hump of this recession. Maybe the creditors are being tough as they have had larger than normal losses, or maybe it is the volume of people calling them to work out a deal. Either way, debt levels are up, income is down, and costs are higher which is leaving families struggling.

Last month, April 2010, more people filed a consumer proposal or personal bankruptcy with me than any other month in our Kitchener office’s 12 year history. Given these tough times, the option of a consumer proposal or personal bankruptcy offer effective ways to deal with debts and let families get back on with their lives.

No one plans to run into financial problems, but when the economy plays a major role in their ability to deal with their debts, they need a solution. A consumer proposal or a personal bankruptcy does affect one’s credit, but if they are able to deal with debts and rebound, then the purpose of getting a fresh start is met.

The message of this blog is to recognize that if you are reading this, you are not alone. Many people from Kitchener Waterloo are having hard financial times which is affecting their health, work, relationships, etc. Call me at 310-PLAN and we can arrange a free consultation in my Kitchener office to explore your options.

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