Bankruptcy Kitchener Blog by Scott Schaefer

Earlier this week in my Kitchener office, I met with Jane and Tom (for privacy reasons, I have changed their names). Jane and Tom were referred by a family member who had previously filed a bankruptcy with me. They were very nervous and concerned about meeting a “trustee in bankruptcy” but knew that the meeting was necessary since the pressure of their debts was causing great stress and strain on their family unit. It was obvious to them that they needed to do something to deal with their debts, but really did not know what options were available to them. They thought that I (as a trustee in bankruptcy) would only talk to them about personal bankruptcy – they did not realize that there were other options. I understand this is a common misconception people have and so I thought this would be a good time to share with you what a meeting with me involves.

The initial role of a first consultation is to review both the financial and personal situation in detail and discuss how all the options available apply. I remain completely unbiased during the meeting and do not make judgement on anyone. The options available are the same for everyone I meet with however, they will not apply the same for each individual case and the key during our meetings is to find the right solution to deal with the debts and develop a plan for a desirable future.

The meeting typically begins with open conversation, which then leads to a review of the specifics with respect to debts, assets, and income. Once I understand the exact situation we discuss in detail how the options work and review the pros and cons of each. At that point the meeting opens for other unanswered questions. We often also discuss future plans and goals. At the end of the meeting, I encourage the individual to go home and consider what they want to achieve going forward and which option they feel will work best for them to obtain these goals.

I feel it is about making the right plan for each situation. Just because one option works for one person/family does not mean it will work for everyone. As for Jane and Thom’s case, they went home and thought about the details of our meeting and gave me a call back today to let me know they thought a consumer proposal is the option for them. They realized that they needed control of their debts. They wanted to protect their house. They felt they had enough money to pay some of the debts back through one monthly payment and did not what to file bankruptcy. Their misconception of the intimidating meeting with a Trustee in Bankruptcy was dissolved. They already feel better about their situation and they have only had one meeting with me.

You too can review your situation with me in a private environment. Please do not hesitate to contact me. I will sit down with you free of charge to explore the options and help you develop a plan for the future. I can be reached via e-mail or at 519-747-0660.

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Every once in a while, we need to step back and look at where we are and whether or not we are meeting our objectives. It is at this time, I look at my blog site and consider the past postings and the direction I should be going with the site. The first step for me is to consider what the overall goal of the site is. From this review, I have determined that the forward focus of my blogs will be to provide the residents of Kitchener Waterloo with appropriate and relevant information about consumer proposals, credit counselling, consolidations, budgeting, and personal bankruptcy as they relate to our local situation. Our homes and the communities we live in are here, so we should focus on how things relate to us here at home in Kitchener Waterloo.

While I have written several blogs over the years containing information that may be helpful to some, I want to make a more active attempt at providing relevant stories, examples, and key information to help individuals deal with their current situations. By passing on situations and experiences that people from Kitchener Waterloo have faced, I believe that the readers can then use this information to compare to their own situations to gain a better understanding of how they can move forward. Personal finance is something friends and family rarely share with eachother, therefore it can be hard for some to understand their own situation and they may feel alone in their struggles.

Research on the internet is a primary source of information and it plays a vital role in all our lives. We need to know how things work today and how they apply to us. Therefore, I also want to be able to provide information as it becomes available – avoiding delays in relaying that information – as a result, I will soon be adding a Twitter feed to my site. Another key step in providing information to local residents of Kitchener Waterloo, will be to allow questions and comments to be posted to me via my blog site. I can then respond to someone`s questions and comments to my postings to address any clarification or specific questions. In this sharing of information, we all can benefit.

Stay tuned and provide me with any comments you may have. I would love to hear your suggestions, please do not hesitate to send me an e-mail. Change is one thing most of us struggle with, but I feel I need to change to move forward in order to provide the appropriate and relevant information to my fellow residents in KW.

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