Bankruptcy Kitchener Blog by Scott Schaefer

It is always important to remember the things that matter in life. Children and family tend to be number one on our list of importance. Some consider vehicles, homes, investments, trips, etc. as well, but ultimately these items are of lower importance. Sometimes it is easy to get caught up in the everyday grind of going to work and paying our bills, that we can lose focus on what matter most. Stress levels can rise and it seems we are just putting in time.

When I meet with people in my Kitchener office, I look at their financial situation and discuss the options to best deal with their debts. I always take into consideration the future and the values that matter most for each specific person before we come up with the best plan of action. With every plan of course, there are pros and cons. In order for the pros to outweigh the cons, personal values/objectives need to be met.

The people I meet with never planned to be sitting with a trustee in bankruptcy contemplating filing a consumer proposal or personal bankruptcy. The fact is however, that things happen and debts can become unmanageable sometimes to the point of consuming our lives. This is the time to re-focus and consider what matters most. Both a consumer proposal and a personal bankruptcy negatively impact your credit rating; however both options also allow an individual to look towards the future and start rebuilding their situation on a personal and financial level.

If you would like to sit down and have an honest, non-judgmental meeting to review your situation, then give me a call at 519-747-0660 or send me an e-mail. My office is conveniently located between Kitchener and Waterloo at 607 King Street West.

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According to Wikipedia, a staycation “is a neologism for a period of time in which an individual or family stays at home and relaxes at home or takes day trips from their home to area attractions. Staycations have achieved high popularity in the US during the financial crisis of 2007–2010 in which unemployment levels and gas prices were high.”

In the Kitchener-Waterloo Region, I have seen and heard this term being used more and more. Staycations are a great way to take in the vast amount of activities and attractions we have in Kitchener and Waterloo. I think there are many activities that we have never experienced because they are local and often overlooked. So from a budget and local impact point of view, a satycation is an excellent way to save money and still get out. But the reality of it is that many people cannot afford to travel away from home right now. With financial debt levels increasing, the amount people are spending just to make their monthly debt payments is growing into a large number. I understand how the past 2 years have affected many people and families in the area.

I have found that summer can be a time when families in the Waterloo Region look at their situation and ask themselves, is this where they wanted to be financially? If a staycation is in your summer plans due to your debt levels, then maybe this is the sign that it is time to consider a plan for your future financial situation. Maybe a consolidation with a bank will help, or maybe it is time for a debt management plan or a consumer proposal.

At this point, the best thing to do is:
a) Create a list of all your debts with total owing and monthly payments to each;
b) Work on a monthly cash-flow tracking what you have coming into the family unit as income and where you spend your funds. See this link for a budget worksheet;
c) Talk to someone to see if your cashflow is missing or omitting something that you missed and will affect your decision making;
d) After drawing up your cashflow, determine what your overage or shortage is.

If you would like to sit down and review your situation to determine how the various options work for you, please call my Kitchener office at 519-747-0660 or send me an e-mail. There is no cost or obligation in meeting with us. We will gain an understanding of your situation and then provide you with details of how the options work and at what monthly amounts you would have to pay.

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