As a follow up to my blog post about a record month for bankruptcy in Brantford, an interesting article appeared yesterday on brantford.com. The article, part of their series on Tough Times, discussed the record rate of increase in personal bankruptcies in Brantford. I liked the article because rather than emphasizing the bad news, the articles authour, Jennifer McCarthy, explained the options I discuss with everyone to help them deal with their debts.
I believe bankruptcy may be necessary, but it should not be considered until you have looked at your other options:
- Work through the problems on your own, perhaps by making a budget and cutting expenses.
- Get a debt consolidation loan to lower the interest you are paying, so you can pay off your debts faster.
- Talk to a credit counsellor at the Family Counselling Centre of Brant, Brantford’s only not for profit counselling agency
- Consider a consumer proposal;
- If none of those options are possible, bankruptcy may be the final option.
For an interesting discussion of the pros and cons of bankruptcy, Greg McMillan wrote and interesting article asking whether or not residents of Brantford are jumping the gun by filing for bankruptcy?
Each situation is different, so if you have questions about your situation, call my Brantford office at 519-770-4440, or e-mail me to set up a free initial consultation.
