bankruptcy Brantford

How Many People Go Bankrupt in Brantford Each Year?

After experiencing a decline in the personal bankruptcy rate in Brantford in 2005 and 2006, the number of personal bankruptcy filings in Brantford increased by 13% in 2007. In total, 384 residents of Brantford went bankrupt in 2007.

In addition, a further 112 Brantford, Ontario residents filed a consumer proposal in 2007, a 12% increase from the 100 people in Brantford who filed a consumer proposal in 2006.

While the unemployment rate declined slightly in 2007 in Brantford, employment growth was a tepid 1%. Similar to other communities in Ontario, Brantford has lost higher paying manufacturing jobs and replaced these with lower paying service jobs. In early 2007, Genfast Manufacturing Company was just one company to close resulting in the loss of 210 jobs in Brantford. In August, Canadian Blue Bird closed affecting a further 130 manufacturing jobs. The list of plant closings also included Easton Coatings, Dura Automotive and Kester Canada.

By way of contrast, personal bankruptcies increased by 5.2% in all of Ontario, and by only 0.7% in all of Canada, so obviously Brantford has been hit harder than other cities in Canada.

If you have lost your job, or had your hours cut back at work, or if you are just faced with more debt than you can handle, please call me in Brantford at 519-770-4440, or e-mail me to set up a meeting to review your options, and let me help you find a solution to your debt problems.

Posted on February 16th, 2008 by J. Douglas Hoyes in bankruptcy Brantford, bankruptcy statistics Brantford, consumer proposal Brantford | No Comments »

Brantford Bankruptcy Trustee in Ottawa

On February 7, 2008 my Brantford bankruptcy office was closed. I was in Ottawa, appearing as an expert witness before the Senate Standing Committee on Banking, Trade and Commerce to provide testimony on the proposed new bankruptcy rules.

Most of the witnesses that have appeared before the Committee were lawyers or lobbyists; no-one had appeared to give the average bankrupt’s perspective. In my opening remarks I told the Senators that the average person who goes bankrupt in Brantford, or anywhere in Canada, is a real person who in many cases has lost their job, gone through a marriage break-up, suffered through an illness or other personal problem, and is left with an overwhelming amount of debt.

In other words, people who go bankrupt, in most cases, are honest but unfortunate people who need a fresh start. It’s important that we don’t create bankruptcy rules that make it too difficult for the honest person to get a fresh start.

Our testimony lasted for over an hour, and I believe that when we were finished the Senators had a better appreciation for the problems faced by the average person who needs to file a proposal or bankruptcy in Brantford.

I don’t plan on returning to Ottawa any time soon, so if you live or work in the Brantford area and want to talk to someone who provides expert testimony on complex rules, but who also will sit down with the average person and help them understand their options, please call me in Brantford at 519-770-4440, or e-mail me to set up a meeting to review your options, and help you get the fresh start I believe you deserve.

Posted on February 10th, 2008 by J. Douglas Hoyes in bankruptcy Brantford, personal bankruptcy Brantford | No Comments »

Credit Education Week in Brantford

Today I received an e-mail from Michelle Miranda, the manager of Credit Counselling at the Family Counselling Centre of Brant, located at 54 Brant Avenue (about a five minute walk from my office at 218 Brant Avenue).

The Family Counselling Centre of Brant is the only not-for-profit credit counseling agency in Brantford that offers one-on-one, face-to-face meetings with people experiencing financial problems. Michelle and her team can help people learn to budget, and they can negotiate payment arrangements with your creditors, called a debt management plan.

She e-mailed me today to remind me that today is the launch of the first annual Credit Education Week, which runs from November 13 to November 16. During the launch, the results of a national consumer survey of more than 4,000 Canadians were released, and the survey showed that the majority of Canadians do not have a sufficient understanding of basic personal finance and credit.

Michelle and I have discussed credit problems many times over the years, so neither one of us was surprised that the survey found that 92% of the survey respondents feel that Canadians have more debt than they did five years ago, however only 7% perceive that it makes sense to carry a larger amount of debt now as compared to 5 years ago. Full results of the survey can be found at crediteducationweekcanada.com.

If you are carrying more debt than you can handle, you should take action now, before your problems get even worse. As described in our article on credit counselling in Brantford, one option is a debt management plan that typically involves your creditors agreeing to a reduced or zero interest rate, provided you repay them in full over no more than a five year period. Michelle and her team at the Family Counselling Centre of Brant would be happy to explain the process.

If you have more debt than you can repay over a five year period, then a consumer proposal or a bankruptcy may be another option.

Whether it’s a debt management plan, consumer proposal, or bankruptcy, help is available, and the sooner you get help, the sooner you can get your financial life back on track. For more information on credit counseling or debt management plans, contact Family Counselling Centre of Brant in Brantford at (519) 753-4173. For information on consumer proposals or bankruptcy, please call me at the Hoyes Michalos office in Brantford at (519) 770-4440.

Posted on November 13th, 2007 by J. Douglas Hoyes in bankruptcy Brantford, consumer proposal Brantford, credit counselling Brantford | No Comments »

Small Business and Bankruptcy in Brantford

Question: If I file for bankruptcy in Brantford will I still be able to run my small business? I only suppliment our family income with my business, earning less than $2000 per year and using various computer equipment and software valued in the neighbourhood of $5000. I guess I want to know if I will have to give up my equipment and computers.

Answer: Yes, you will probably be able to continue to operate your small business, and keep your computer equipment if you go bankrupt in Brantford. You are allowed to keep basic goods, so the answer will depend on what other furniture and equipment you own.

There are also a number of issues related to operating a business while bankrupt, including tax issues, so I suggest you give my office a call in Brantford at 519-770-4440 or e-mail me and we can set up a time to discuss your situation in more detail.

Posted on October 24th, 2007 by Questions in bankruptcy Brantford | No Comments »

How Do I Know if I am Getting Good Advice from my Brantford Bankruptcy Trustee?

I meet with dozens of people every month at my Brantford bankruptcy office. I do my best to answer all of their questions in plain English. However, some of the questions are complicated, and some bankruptcy concepts can be difficult to understand. So how do you know if the answers I am giving make sense? Here are my suggestions:

First, before you meet with me, do some research on your own. This site is a great place to start. Be sure to write down your questions before we meet, so you don’t forget to raise any issue.

Second, if you have a friend or family member who has gone bankrupt, ask them about their trustee. If they were pleased with their trustee’s level of service, that’s a great place to start (whether or not it was me).

Finally, when we are talking, think about what I’m saying. Does it make sense? Are you receiving clear answers to your bankruptcy questions? Do I seem interested in your situation, or am I more interested in speeding through the meeting? My days are always busy, but I do my best to spend as much time as necessary with you to answer all of your questions.

I can tell you that, like all trustees, I am licensed by the federal government. If I’m not doing my job I can lose my license, so I work hard to make sure you are getting the answers to every question you ask.

I strongly believe that you should let your judgment be your guide when deciding which trustee is going to be a good bankruptcy trustee for you. If you are not comfortable with the person you see, or you don’t believe you are getting good advice from a trustee, get a second opinion. There are many trustees in most cities in Canada, so you can talk to other ones until you find one that will be a good bankruptcy trustee for you.

To set up a meeting with me, please call my Brantford bankruptcy office at 519-770-4440, or e-mail me to set up a meeting with me personally. I’m here to answer your questions, so let’s get started.

Posted on October 5th, 2007 by J. Douglas Hoyes in bankruptcy Brantford, bankruptcy trustee Brantford | No Comments »

Bankruptcy Rate Rises Dramatically in Brantford in the First Half of 2007

In statistics just released by the Superintendent of Bankruptcy, the number of personal bankruptcies filed in Brantford in the first six months of 2007 was 198, a 21% increase over the 163 Brantford residents who filed personal bankruptcy in the first six months of 2006.

This compares to a 5% increase in the rate of personal bankruptcy in Ontario, so Brantford’s increase was much larger than the Ontario average.

From January to June of 2007 55 Brantford residents filed a consumer proposal, as compared to 52 people in the same period last year, for a 6% increase. A consumer proposal is an alternative to bankruptcy, where you make payments to your creditors over a period of time, usually for less than the full amount owing. (So far this year I have filed about 40% of all consumer proposals filed in Brantford, so if you want more information, please give me a call).

I am starting to see signs of a weakening economy in Brantford. I have helped many more people this year than last year, and as interest rates rise I suspect the trend will continue.

If you want a fresh start, feel free to call my office in Brantford at 519-770-4440, or e-mail us to ask your question or set up a free initial consultation to review your options. Don’t let your financial problems get out of hand; there is help available, so feel free to call.

Posted on August 2nd, 2007 by J. Douglas Hoyes in bankruptcy Brantford, bankruptcy statistics Brantford, consumer proposal Brantford | No Comments »

Bankruptcy Rate in Brantford Falls in 2006

The bankruptcy rate in Brantford fell in by 6.2% in 2006, due largely to employment growth of 2.0%, and an unemployment rate that fell to 6.3%, the lowest level in four years. In 2006 341 people filed for personal bankruptcy, and a further 100 people filed a consumer proposal.

The decrease in the personal bankruptcy rate in 2006 was the largest annual decrease in the bankruptcy rate in Brantford since the 8.4% drop recorded in 2002. Unfortunately in 2003 the bankruptcy rate increased by 17.9%, the largest increase in many years. Will we see an increase in the bankruptcy rate in 2007, like we saw in 2003?

Probably not. As new employers move to Brantford the employment picture should remain positive, so I predict very little change in the personal bankruptcy rate in Brantford in 2007.

Of course just because bankruptcies are down does not mean that people don’t get into trouble. If you are in financial difficulty, you are not alone. In 2006 441 people in Brantford filed a consumer proposal or a personal bankruptcy, so if you want help, please e-mail me a question or call our Brantford office at (519) 770-4440 to book a no-charge initial consultation, and let’s get started.

Posted on February 23rd, 2007 by J. Douglas Hoyes in bankruptcy Brantford, bankruptcy statistics Brantford, consumer proposal Brantford | No Comments »