For the past six weeks I have been following a multimedia series published in The Hamilton Spectator titled “The Way We Spend” which features four local families dealing with budgeting, cutting back on indulgent spending and saving in a healthy way. This week the Greenways were featured and the credit counsellor they were paired with from Catholic Family Services reviewed their financial situation and the recommendation to them was that they consider filing a personal bankruptcy. Although the Greenways knew that a bankruptcy might be their only option, they wanted to take responsibility for the debt they owe.
Every day I meet with people who, just like the Greenways, have exhausted all other possibilities and find themselves struggling with the thought of having to file a personal bankruptcy. Many people try to hang on as long as they can before looking for professional help with their finances. Unfortunately, if you wait too long to seek advice and you ignore your creditors they will get aggressive and try and collect, which could lead to a wage garnishment or action against your assets.
If you are struggling to pay your bills on time and you would like to find out more about bankruptcy, my advice is to give me a call in Hamilton at 310-PLAN, or email me. I would be happy to answer your questions as they pertain to your personal situation.
We also offer a free confidential consultation where we can review the bankruptcy process with you and also provide you with information on other options such as a consumer proposal or debt management plan.
Keep reading in the weeks to come for my comments on other topics covered in this week’s feature dealing with garnishments, preferred creditors and credit rating as provided by the Office of the Superintendent of Bankruptcy.
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