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Recent Bankruptcy Questions:
 I hate to be the bearer of bad news, but June was a record month for the number of personal bankruptcy and consumer proposals filed by my firm in Brantford. Since we opened our Brantford bankruptcy office in 1999, we have never had a busier month than we just finished. In fact, our volume in June, 2009 was more than twice as high as it was in June, 2008. The bad news for Brantford residents is that June is not normally a busy month; we are usually busy in March, April and May, and then as the summer approaches we slow down. Not this year. Our Brantford help line is busier than ever, with no slow down in sight.
Why is this happening? First, more people in Brantford are losing their jobs, or having their hours reduced at work, so they just can't make ends meet. Second, house prices continue to fall in Brantford, so it's no longer possible to re-finance your house to pay off your debts, or sell your house at a profit to raise cash. An increasing number of Brantford residents are finding themselves "under water" (the value of their house is less than the amount owing on the mortgage), so they are letting the bank foreclose, and they are finding a place to rent, and then dealing with the resulting shortfall. Finally, a large number of the people I meet are no longer optimistic. They believe that the recession won't end tomorrow, so they are deciding to go bankrupt now to deal with their debts, in the hope that by 2010 the economy has improved, and they will have a fresh start. I can't predict when the recession will end, or when house prices in Brantford will start to increase, but I can tell you that debt problems don't go away on their own, so if you are struggling with debt, now is the time to act. Call my Brantford bankruptcy office at 519-770-4440 or 310-PLAN (no area code required), or e-mail me today with your questions, and let's get started making a plan for dealing with your debts. Labels: bankruptcy Brantford, bankruptcy statistics Brantford
 Since Casino Brantford is a short drive from my Brantford bankruptcy office, I am often asked if I see a lot of people with gambling problems in Brantford. The answer: I don't. I don't see gambling debts as a problem any more than I would see in any of my firm's other Ontario bankruptcy offices.
However, I do have a large number of Brantford residents that have filed a bankruptcy or consumer proposal with me that work at the casino. The casino is one of the largest employers in Brantford, so it's not that surprising that I meet with people who work there. Often they lose their job, are off work for a period of time, and then they finally get a job at the casino, and they are afraid that their wages may be garnisheed, so they file bankruptcy. Their financial problems are not caused by gambling at the casino.
This morning I met with two people who are currently in the bankruptcy process with me, and both of them work at the casino. I asked them how business was, and they both said the same thing:
Booming.
That surprised me; I would have assumed that during a recession people would save their money and gamble less, but apparently that's not the case. The casino is very busy these days.
I asked both people why they thought the casino was busy during a recession, and they both had the same response: If you have lost your job, and if you have very little money, you are looking for hope. The casino offers hope. They hope that they may win some money and make everything better.
I have no objection to people going to a casino. It's your money, you can spend it as you wish. I don't see much difference between spending $100 at the casino, or spending $100 on dinner and movie, or $100 going to a sporting event.
I do worry about people spending money they don't have, and my two contacts this morning told me that they worry about that as well. If you are spending your Employment Insurance or Welfare cheque at the casino, you've got a problem. We all want hope, but that's not a good way to get it.
Here's my advice: if you are down on your luck, don't despair. We are in the worst recession any of us have ever lived through. You are not alone. Everyone else is also worried about losing their job, or not having enough money to pay the bills. Instead of hoping to win by gambling, a better strategy is to follow my three point plan for financial success:
1. Make a budget. Unless you know where your money is going, you can't control it. Here's a link to some free personal budgeting tools.
2. Pay off debt. A recession is not the time to be carrying a lot of debt, so pay down your debts as fast as possible. If you have more debt than you can handle, it's time to investigate your options.
3. Once your debt is under control, start saving money. It's a lot easier to survive a job loss if you have money in the bank.
There is hope, but in most cases the casino isn't the solution. It's fine as entertainment; gambling is not a financial plan. For more information on your options, call my Brantford office at 519-770-4440 or 310-PLAN (no area code required in Ontario), or e-mail me to set up a no charge intitial consultation, and let's get started.Labels: bankruptcy Brantford, Casino Brantford, gambling, hope
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If you're having financial difficulties and live in the Brantford area, call (519) 770-4440 today to meet with one of our experts, or complete the ask a question form to send us a message and we'll get in contact with you.
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I hate to be the bearer of bad news, but June was a record month for the number of personal bankruptcy and consumer proposals filed by my firm in Brantford. Since we opened our Brantford bankruptcy office in 1999, we have never had a busier month than we just finished. In fact, our volume in June, 2009 was more than twice as high as it was in June, 2008. The bad news for Brantford residents is that June is not normally a busy month; we are usually busy in March, April and May, and then as the summer approaches we slow down. Not this year. Our Brantford help line is busier than ever, with no slow down in sight.
