For those in Windsor, you may be wondering about the news of the Windsor Star’s CCAA filing. I am oversimplifying the process, but essentially what the parent company has done has offered a payment plan to it’s creditors. As was noted in the paper, they stated very clearly that they did not file for bankruptcy. In recent years many large companies and sports teams have made use of this legislation to restructure their debt.

It sounds familar doesn’t it? A company is unable to manage it’s debt load and asks the creditors to accept partial payment.

For the individual debtor, this a called a consumer proposal. You offer your creditors a payment plan to accept a portion of their debt over time and the creditors vote for or against acceptance.

Reading about a companies financial diffculties remind us all that the downturn in the economy effects everyone and all businesses.

What can you do if you are having a hard time managing you bill payments. You can call me at 310-PLAN or email me and we can arrange a meeting to review your situation in detail.