Bankruptcy Kitchener Blog

Based on the statistics that the government released last Friday, personal bankruptcies in Kitchener-Waterloo increased 60% for the 3rd quarter (July – September) in 2009 over 2008. This is a significant increase when you consider the Canadian average was an increase of 47%. Even for consumer proposal filings in the 3rd quarter, Kitchener-Waterloo increased 43% versus the Canadian average of 39%.

These are staggering increases. Working in the Kitchener office, I have met with many people that were facing the decision of how to deal with their debts. There is a variety of reasons that someone has to file, here are a few key factors; the economy downturn has caught up with the Waterloo Region, the debt levels of the average person has increased, as well as a result of the new bankruptcy rules that came into effect on September 18, 2009. These are average people who fell under tough financial times and needed to obtain a fresh financial start.

To discuss actual numbers, in the 12 month period ending September 2009, total consumer bankruptcies and proposals in Canada totaled 148,378. This is a 36% increase over the same 12 month period ending September 2008.

If you are experiencing financial difficult in 2009, you are not alone. Call us at 519-747-0660 and we will discuss your situation in detail to help make PLAN for the future.

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This Saturday, November 14th, Howard Hayes and I will be spending the hour between 12:00 and 1:00pm answering your questions live on air on the Ask the Expert Show on 570 News. If you have questions and want to hear them answered, please send us an e-mail at this e-mail address created for this show. We will attempt to answer all of your questions.

We receive many e-mails from people in the Waterloo Region. These e-mails are asking questions about garnishments, personal bankruptcy, consumer proposals, assets, creditors, or any debt related question to name a few. Personal finance problems are stressful and overwhelming, so hopefully our live radio show will help you understand your options and how specifics in your situation will be handled.

As a Trustee in Bankruptcy, I am responsible for our Kitchener Office. I can be reached at 519-747-0660 or at this e-mail if you would like to talk specifically about your situation.

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Hoyes, Michalos & Associates Inc. has been helping the residents of Kitchener-Waterloo since we opened our doors on January 1, 1999. As a firm, our focus is on individuals and their families. We assist with helping develop a PLAN to deal with individuals or families debts. We are non-judgmental as we understand that there are many different factors for financial difficulty.

When someone calls us, we try to gain an understanding of the situation so we can advise on all options. It is important that people understand how all options work so that they can make the best decision for themselves after evaluating the pros and cons of each.

This coming Saturday, Doug Hoyes and myself will spend the noon hour on the 570 News radio show called Ask the Experts. We are going to discuss the new bankruptcy rules, the economy, and answer caller’s questions. We go on this show to help Kitchener-Waterloo residents understand personal bankruptcy and consumer proposals in more detail.  Please tune in to 570 News at noon on Saturday for our one hour live broadcast, or go to the 570 News web site to listen live.

If you have a question that you would like answers to and do not want to call into the show, send me an e-mail or call me at 519-747-0660 and I will try to answer it on the air.

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Bankruptcy Reform – legislation referred to as Chapter 47 was passed in 2005, but was never fully implemented. In August 2008, there were parts of the law implemented with respects to student loans and RRSP – see details here but last week, it was announced that on September 18, 2009, the remaining changes will be put into force.

What does this mean to people from Kitchener-Waterloo, Ontario? Like any change, there are pros and cons. Overall, personal bankruptcies will cost an individual more money and time than they did under the current law. On the other hand, the government made the option of a consumer proposal more available.

Given the state of the economy right now, Kitchener residents are facing hard times and these reforms are going to affect each person differently. People now have a month’s time to consider their options under different laws. One could file now and use the current laws, or wait till the new laws are in place. Either way, I feel it is important for individuals facing difficult times to talk to a professional, understand their options, and make a plan for the future.

For more details of the changes, click here for an article posted on hoyes.com.

Our professionals along with myself in the Kitchener office can sit down and review the situation and discuss the laws in detail. We are located at 204-607 King Street West, Kitchener, Ontario. The office is on the second floor of the plaza by Zekes restaurant. Send us an e-mail or call us at 310-PLAN(7526).

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The Waterloo Running Series put on great running races throughout the year, including last week-end’s Waterloo Classic Road Race featuring 3KM, 5KM, and 10KM races. I have taken up the sport of running over the past year and find it challenging as well as rewarding. I ran the 5KM race. It was the 4th time I entered into a 5KM race and wanted to push myself for a personal best time of around the 23 minute mark. In the end, I ran a 23:01 gun time (with a 22:52 chip time). I need to thank Thom Light and Ian Martin for running with me and pushing me for these results.

But beyond the race, was a good cause – fundraising for Heartwood Place. Heartwood Place is a charity who’s effort is to help with affordable housing in the Kitchener-Waterloo and Cambridge area. Thanks to my personal sponsors: friends, family and especially the Kitchener office of Hoyes, Michalos & Associates Inc.
As a Trustee in Bankruptcy operating our Kitchener office, I meet with people every day that are struggling financially. Some of the people I see are unable to afford their rent. It is important to have local organizations that help those in need with affordable rent, rental places, and rent arrears. Below is a list of some of the organizations to seek help from if you are having rent related issues:

Heartwood Place
Lutherwood Housing Services including their Rent Bank
Region of Waterloo Social Serives
City of Waterloo
City of Kitchener
Ministry of Community and Social Services
Kitchener-Waterloo Rental Apartments
Places4Rent

If you are unable to pay your rent due to some or all of your bills, then maybe a consumer proposal or personal bankruptcy is the option you need to give you a financial fresh start and allow you to keep current with your rent. Myself or any one of our associates can be reached at 519-747-0660 or via e-mail to arrange a free consultation to review your situation and options.

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When do we feel that we need a second option? Personally, I feel I need a second opinion when:

• I still have questions and I am not being provided answers
• The explanation I have been given is confusing or not related to my situation
• I feel like I am being given a quick answer
• I feel like the person did not listen to me

 

 

The reason I raise this point in my blog today, is that I meet with people every week who have been to another place and they are unsure about the explanation they have been given about personal bankruptcy or consumer proposals. As a Licensed Trustee in Canada, I am responsible for adhering to the same standards as all other trustees. The difference in our firm is our people. We focus only on personal solutions for individuals facing financial hardship. In our Kitchener-Waterloo office, individuals only meet with experienced members of our Team. Two of my most experienced members are Jane Merling and Lynn Strouth, each with over 25 years experience in helping people with personal financial solutions. One of the ways we stay current is by supporting aspiring team members in their efforts to obtain a Trustee license (a rigorous 5 year program). Through this we attempt to provide clear information and help individuals and families make a PLAN for the future.

In Kitchener-Waterloo, we answer the phone, treat people with respect, and strive to answer all their questions. After meeting with an individual, we encourage them to call us back at anytime to answer any follow-up questions or to explain something if the person is unclear. It is never a bother or an interruption; we work as a team to be available when the person calls.

If you would like to discuss your situation or arrange a free consultation with us, please call us at 519-747-0660 or e-mail us. We are located on the second floor of the plaza at 607 King Street West in Kitchener which is near Zeke’s restaurant and Tim Hortons.

 

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Today’s blog is to pass on an e-mail that we received from someone who has just completed a consumer proposal through our Kitchener office.

E-mail received:

“This is not a question but a thank you. The service and advice I received was way more than I expected, Any question was answered, and in a very timely manner. You handled every detail with utmost professionalism. From the moment we started to work together right up to now, my mind was at ease and I am so happy to have reached the end of one road and the start of another. I have recommended you to others I have encountered in my position and want to once again thank you for helping me get my life (and finances) back in shape.”

 

At Hoyes, Michalos & Associates Inc. we take pride in helping individuals obtain a fresh financial start. We understand that financial strain can have a significant impact on personal and family life. A consumer proposal or personal bankruptcy are some of the options that individuals have available to ease their stress and obtain a fresh start.

 

Our approach is to answer questions and provide facts so that individuals can make an informed decision for themselves. When they file a consumer proposal or personal bankruptcy with us, we attempt to provide assistance when they need it.

 

If you’re experiencing financial hardship and want to discuss your options in detail, e-mail us or call us at 310-PLAN. There is no cost in calling us or having a meeting to review the options and we are located at 607 King Street, Kitchener – between uptown Waterloo and downtown Kitchener.

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A good friend of mine, Dr. Tracy Penny Light, asked that I be a guest speaker in one of her courses on the campus of University of Waterloo. Dr. Penny Light is a professor in the program “Sexuality, Marriage and Family Studies” from St. Jeromes University. The course she’s teaching this semester is “Couples, Marriage, and Family”. Specifically, she asked me to speak about “Family Work and Family Money”.

The class was an hour and twenty minutes, during which we discussed:

• Today’s working families
• Financial constraints
• Budget/Cash-flow
• How to manage credit
• What can go wrong
• How financial troubles impact marriages
• How to resolve tough situations

We explored how family employment has changed over the years resulting in an increase in the number of relationships that have both spouses working. One of the reasons for this is the financial constraints we have in today’s society which has added great stress to couples and families.

When you factor in the increase in credit use, the average family is now carrying more balances on credit cards and loans then they make in a year’s income. Thus, costs of living have increased over the years and we are spending more and saving less.

During my talk, I had the class work on a family budget for a year’s period. I wanted them to assume they were a family of 4, bringing home $60,000 per year. It is interesting to see the amount of difficulty that the students had with this project. I have always believed that our education system has not properly prepared today’s youth with the fundamentals in personal financial management. There are many techniques and methods to budgeting and not all them work for each person/family.

We then discussed that one of the major leading causes of insolvency in Canada is marriage breakdown. When a couple dissolves a relationship, the costs of living increases significantly as there is now the requirement for two residences as well as support payments. The impact of financial strain on a relationship, like all other stresses should be dealt with as they arise. There are solutions to these financial strains.

If you are experiencing financial stresses or strains and they are impacting your relationship, call us at 310-PLAN or e-mail us to discuss the options you have.

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We’ve all experienced frustration trying to contact a utility company, bank or government agency with simply requests. Let me tell you about my experience this morning.

I called a utility company with a simply request to cancel a service. Simple, in theory, but it took me 27 minutes (I’m not kidding) to perform this task. First I connected to an automated attendant which gave me four options, none of which was appropriate to canceling a service. OK – I chose the one I thought might be closest only to find myself back at the beginning again. Alright, let’s try something different. This time I was lucky enough to be connected to a live person. Of course, it was the wrong person (and I might add this person was very difficult to understand). He in turn transferred me to another person, who was also the wrong person. This person then transferred me to the billing department (there was nothing wrong with my account). This person fortunately was a lot easier to talk to, understood my frustration, but couldn’t help me. He transferred me again and finally (after being on hold in between each of these transfers) I was able to state my request and get the help I needed. I had the time to waste on this process this morning (which really isn’t the point), but under normal circumstances the 27 minutes I spent in performing this simple task would have been completely unacceptable.

At Hoyes, Michalos & Associates this will never, never happen. We pride ourselves on operating with the latest high tech systems, but we also believe in people. If you are calling us at 310-PLAN for information about our services or for information about your file you will always be able to speak directly to one of our courteous and well trained associates. During regular business hours your call will be answered by one of our receptionist who will direct your call to a professional who will assist you. We are constantly adding new associates to insure that each and every call is answered promptly.

Or you can go to our website at www.hoyes.com which is full of interesting information about our services and will allow you to send a Question or obtain an evaluation of your situation. Questions and evaluations are answered as promptly as possible. A few weeks ago I responded to a Question that had been emailed only 10 minutes prior to my call. The comments was “Wow, I just sent that email a few minutes ago”.

It is very comforting to know that at Hoyes, Michalos & Associates you will always be treated like a person by a person.

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