As a Windsor trustee, I have spent some time looking at what happened in 2009 for the office. It was another record year for filings. Since the Windsor office opened in 2003, each year since has seen record filings.
The reason for the increase in 2009 is two fold. The change in bankruptcy legislation in September 2009 caused many people to rush to file who may have otherwise delayed for several months. These new rules make it more expensive to file for bankruptcy if income is above a certain limit (why the government would enact a rule that penalizes people is a topic for another blog).
The next reason is obvious to many Windsorites. We continue to feel the sting in the downturn in the manufacturing sector. Overtime has been cutback or reduced and many people have had to take wage cuts in order to save their jobs. The US dollar is also having an effect on our clients who live in Windsor, but work in the US. Many people budgeted their household based on the 70 cent dollar of a few years ago. Now that the dollar has continued to remain in the 90 cent range, many people have exhausted their savings or have maxed out their credit supplementary what is essentially for them, a decrease in income.
What does this mean to you? Making a plan has never been more important. Times are still tough and will probably remain that way for a little while longer. If you have having difficulty managing your debts you should come in and meet with me. We can sit down and review your situation and see if credit counseling , a consumer proposal or bankruptcy is a option to help you with your debt. Call us at 310-PLAN and we can help you with a plan.
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