Our firm, Hoyes Michalos & Associates Inc., did a study of all of the people who have filed personal bankruptcy or a consumer proposal with us over the last few years to determine if the casino has had an impact on the bankruptcy rate in Brantford.
Less than 1% of our debtors listed gambling as one of the causes of their financial difficulties. This is a lower rate than we observed in Kitchener (1.44%), Toronto (2.31%) or Windsor (2.44%) where we also have offices.
Based on my discussions with the people in Brantford who use our services, there are not a significant number of Brantford residents that go to the casino on a regular basis. It appears that most of the players at the casino are coming from other cities.
We also analyzed the total number of bankruptcies in Brantford since 1991. Despite a steady decline in unemployment in Brantford since the opening of the Brantford casino in November, 1999 (from 7.3% in 1999 to 6.6% in 2005), Brantford’s personal bankruptcy rate per 1,000 working age adults continues to increase (from 5.07 in 1999 to 6.06 in 2005). It is therefore possible that casino has had a small impact on the personal bankruptcy rate in Brantford.
Regardless of what the statistics may say, for some gambling is a cause of financial problems, and it can impact on all areas of life. If you, or someone you know, has a gambling problem, it probably will not go away on its own. You can get help by contacting the Ontario Problem Gambling Helpline at 1-888-230-3505, or by visiting resources such as the Responsible Gambling Council and St. Leonard's Community Services in Brantford.
If you have more debts than you can handle as a result of gambling, or any other cause, please contact us for a free consultation to review your options.
posted by J. Douglas Hoyes, CA, Trustee @ 4:13 PM
0 Comments:
Post a Comment
<< Brantford Ontario Personal Bankruptcy Blog