Each week I meet with about a dozen people in my Brantford bankruptcy office. Over the past few weeks, I have been hearing a number of stories that lead me to believe that the economy is really slowing down in Brantford. We are in a recession in Brantford.I spoke to a car salesman at one of the local new car dealerships. He told me that he sold half as many cars last month as he did in the same month last year. I met with another person who told me that his factory has now gone to a work share arrangement, so instead of getting five days per week of work, he only gets two or three days per week, with a partial top up from unemployment insurance for the rest.
Lots of other Brantford residents have told me that they are having a hard time finding a job, and those with a job have had their hours cut back at work.
I have also heard lots of stories about house prices in Brantford. One person this week told me that last year their house in Brantford was appraised at $195,000, but a recent appraisal for mortgage purposes put the value at $175,000. This means it is now harder for people in Brantford to re-finance their mortgage if they need to raise extra money to deal with their debts. And, of course, it is now harder to sell your house to get enough money to pay off all of your debts.
The good news is that there is still hope. Since opening our office in Brantford ten years ago I have helped hundreds of Brantford and area residents file a consumer proposal or bankruptcy to deal with their debts.
That may not be the correct solution for you, but there is no charge or obligation if you call my office in Brantford at 519-770-4440, or e-mail me to set up a free initial consultation. I will review your options and help you decide what you need to do to protect yourself in this down economy.
posted by J. Douglas Hoyes, CA, Trustee @ 7:39 AM
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