People I meet with often feel like they are the only ones who are experiencing financial hardship. The truth of the matter is bankruptcy is more common than people think, specifically in the Windsor area.

Windsor bankruptcy and consumer proposal rates went up in 2006 by 3.6% and 56.1% respectively. And what seems even more alienating is that this increase happened despite the fact that both the national and provincial rate of filings went down. The national rate fell by 4.3% in 2006, and in Ontario filings went down by 2.1%.

The question is, why are rates rising in Windsor but falling in Canada and in Ontario overall? The answer lies in the unemployment rate. In Windsor, our unemployment rate is at its highest level since 1997 at 9.0%, even though the national and provincial rates have both fallen to 6.3%, a 30-year low.

With this seemingly not great news comes some hope, though. Predictions for the future are looking up. In the short term, the rate of bankruptcies will most probably continue to climb, but how fast the rate will rise will slow down and eventually taper off. This means that Windsor can expect to see healthy growth and a decline of bankruptcies.

I live and work in Windsor. I understand how you must feel, hearing this news and experiencing the high unemployment rate, but at the same time I know that you are not alone and that there are solutions. Come meet with me and we’ll work out a plan to help you with your situation.

If you or someone you know is affected by this trend of high unemployment or you’re having trouble meeting all of your monthly financial commitments, call me at 310-PLAN, or 519-250-8060 for a free consultation. You can also email me your questions. You are not alone – I am here to help.