Archive for November, 2009

Not surprising to anyone having financial difficulties, there was a large increase in the number of personal bankruptcy filings in the third quarter of 2009 (the latest statistics are available by the Office of the Superintendent of Bankruptcy).

Statistics for individual cities are no longer available. Instead they are published based on region. For our region, the statistics include Chatham, Windsor and Sarnia. In our region, there were 1,061 personal bankruptcy filings in the third quarter of 2009, a 44% increase from the third quarter of 2008. In addition, there were 213 consumer proposals filed, a 20% increase over the same period in 2008.

For the 12 months ending September 30, 2009 there was a 41% increase in bankruptcies and a 24% increase in consumer proposals filed. The bankruptcy numbers are not surprising since many people rushed to file bankruptcy before the change in legislation took place. In fact, in many offices the first half of September resulted in record bankruptcy filings.

Times continue to be tough in Chatham, but the message remains the same. Now is the time to develop a plan to deal with your debts.

For a no charge, no obligation to review your situation, call me at 310-PLAN, email a question or complete the online evaluation form.

As a Chatham bankruptcy Trustee, I receive calls and emails from people wanting to know what to do about aggressive collection agencies.

Collection agencies are calling because money is owed and they want to collect it. So what do you do?

1. Make a payment arrangement with them
2. File a consumer proposal
3. For bankruptcy

If you need proof of the debt, advise the collection agency that you will not pay them until you have proof that you owe the money.

If you can’t pay the debt, you need to speak with a professional who can help you. You can call us at 519-351-2323 or 310-PLAN and we are review your situation in detail. Their is no charge to speak with us.

What shouldn’t you do?

You shouldn’t ignore the collection calls and letters. If they can’t reach you, they will probably just start legal action.

Don’t make a commitment you can’t keep. Deal with them in a forthright and professional manner.

For more information about dealing with collection agencies, their rules and the complaint process, contact the Ministry of Consumer Services.

Call us at 519-351-2323 or 310-PLAN and we can review your situation in detail and help you with a plan that is right for you.