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 519-747-0660 and we can arrange a free consultation in my Kitchener office to explore your options.

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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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