The number of personal bankruptcy filings in Toronto, and all of Canada, continues to increase, and the media wants to know why bankruptcies are increasing at such a fast rate (over 50% in June, 2009). I appeared this morning on the The Bill Carroll Morning Show on Newstalk 1010 CFRB. We talked about what you lose if you go bankrupt, and we discussed the longer term implications of bankruptcy. I said that if you go bankrupt there will be a note on your credit report for up to seven years, but for many people it’s more important to eliminate their debts than to worry about their credit report.
After the interview ended Bill Carroll made a very interesting comment. He said “don’t be too freaked out if you have to go bankrupt.” I agree. No-one ever expects to have financial problems and end up bankrupt, but in many cases it’s better to deal with the problem now, rather than suffering through collection calls and wage garnishments for many years.
Other media outlets are also talking about bankruptcy in Toronto. Yesterday the Globe and Mail ran an interview I did with them a few months ago called What you Need to Know About Bankruptcy, and we discussed many of the common questions people have about bankruptcy. Also yesterday afternoon I did a live interview on BNN – The Business News Network. You can watch the interview on the BNN web site.
All of this media attention proves the point that residents of Toronto are hungry for information about the bankruptcy process. Bankruptcy isn’t the right answer for everyone, but if you are having financial problems and you want to explore your options, please call our office today at 310-PLAN (no area code required) or e-mail us to set up a no charge initial consultation to review your options.