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Avoid Bankruptcy in Toronto: Be Prepared

When it rains, you bring an umbrella, when the economy is struggling and people are losing jobs –  best to be prepared

It has been a rather cold summer and now with a stormy fall and winter fast approaching, with the unpredictable weather we have been having in Toronto, it has crossed my mind that we may easily draw parallels to the ongoing economic storm that we are currently in. Each day brings a new challenge. How do you prepare for it? When you wake up in the morning and you see that there are clouds up above, you grab your umbrella and add it to your gear for the day – you prepare for the worst and hope for the best.

This is no different when you see the news regarding the economic issues of the day. It also does not help when you see colleagues, friends and family members losing their jobs. It’s a fact that the bankruptcy level in Canada is at record levels –  we are seeing the highest rate of bankruptcies and proposals since the 1980s and some of the major financial institutions are predicting that over the next two years this will only increase. Toronto is no exception; the bankruptcy rate in Toronto is also at record levels. If you are experiencing a minor debt crunch today, and you are still working, you may be able to avoid bankruptcy by simply picking up a financial umbrella. You have may have options depending on how prepared you are.

It’s easy to talk about being prepared but how do you prepare? What can you do?

Know your options. And to better understand how they will work in your situation, have a good family budget – this will require some planning and organization. However, it will be well worth it once it is done. Sometimes budgeting requires the assistance of another person. At Hoyes Michalos & Associates Inc., we would be glad to assist you and then the options you have available to you for dealing with your debt in Toronto.

Bankruptcy may not be the only option or the correct option. It may be that you would be better off doing a consumer proposal.

Your finances can feel like a tornado, but we will help you navigate through the storm and come up with a plan that will work for you and your family.

Be prepared and take the right steps now the same way you can arrive at work in a dry suit if you have the foresight to grab that umbrella on the way out. To find out more about bankruptcy or a consumer proposal in Toronto please contact us at 310-PLAN (no area code required), or e-mail us to discuss your options, and we will help you develop a plan that will help you survive these tough economic times.


Sandra Sykora

Sandra is a Licensed Insolvency Trustee in our Toronto Yonge & Bloor and Toronto Downtown offices. Sandra is passionate about getting to know her clients, taking the time to help them find solutions that meet their needs and help them develop life long skills to remain debt free.