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Discussing Bankruptcy in Toronto on the Radio

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Ted Michalos and I appeared on AM 640 Toronto Radio this morning to discuss strategies for dealing with debt. During the hour long show we answered listener questions, and gave some practical advice on dealing with debt.

A big topic of discussion was the stress that is caused by money problems. When you get behind on your bills and collection agents start calling, your stress level increases, and that stress can hurt your health, your relationships, and even your job. That’s why we spent most of the hour discussing ways to deal with money problems.

Bob Pritchard, the host of the show, asked us if ignoring the phone calls is a good strategy.

I said that in the short term ignoring the problem works fine, because talking to collection agents is often very stressful. However, debt problems don’t go away on their own by simply ignoring them. Eventually the creditors want to take you to court, sue you, and try to garnishee your wages. Obviously, that’s not a great long term strategy.

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Douglas Hoyes, CA

We then talked about some more pro-active strategies, including debt consolidation loans, credit counselling, consumer proposals and bankruptcy.

For residents of Toronto that want to avoid personal bankruptcy, a consumer proposal is often a great solution. As we discussed on the show, you make one monthly payment, and all of your credit cards, unsecured bank loans, and Revenue Canada debts are dealt with. It’s a great feeling knowing that you don’t have to worry about the phone ringing or having your wages garnisheed.

Of course a consumer proposal will not make sense in all cases, so we all discussed the implications of filing bankruptcy in Toronto.

Which solution is right for you? Call our Toronto team at 310-PLAN (310-7526, no area code required) or E-mail us to arrange a free initial consultation. We will meet with you, review your situation, and explain each of the different alternatives. There is help available, so give us a call, and let’s get started.


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