Bankruptcy in Guelph: The Ted Michalos Bankruptcy Guelph Blog

Guelph bankruptcy rates are rising – are we in trouble?

This week I met with a woman who had decided to declare bankruptcy. She had made that choice by examining the various options we gave her. The one thing she said to me is how embarrassed she felt – no one else she knew was going through this. She couldn’t believe it was happening to her. Truthfully, though, bankruptcy is more prevalent, specifically in Guelph, than before.
Statistics released this week determined that the bankruptcy rate in Guelph went up in 2006 by 2.7% and that the total number of filings for the year rose by 0.8%. The woman I met with is clearly not alone in her situation.
Why are bankruptcy and filing rates rising in Guelph? What is causing this shaky financial situation for so many people?
The answer lies in the unemployment rate. In Guelph, the unemployment rate rose to 5.3% instead of falling as the national and provincial averages did. The Canadian unemployment rate fell in 2006, marking a 30-year low. Even the Ontario unemployment rate came down as well. Overall, filing in Canada went down by 4.3% and in Ontario by 2.1%, reflecting the nice low unemployment rates.
But before we take this news as completely bad, let’s take a closer look. The unemployment rate in Guelph may have risen, but it did so by only 0.5%, and it is still 1% below the national and provincial averages, which means we are doing pretty well in Guelph. As well, the number of filings went up by less than one percent, which means the rate is actually quite stable right now.
And let’s say that you are in financial trouble and you don’t know what to do. Don’t worry. You have options and we can set up a plan that is designed for your unique situation so that you can relieve the trouble you are in.
If you or someone you know is in financial trouble and you don’t know who to turn to, call me at 310-PLAN or at 519-823-0330 for a free consultation. Also, do not hesitate to email me with any questions you might have. The news doesn’t have to be all bad. Once we sit down and make a plan, you’ll feel better and your financial future will look that much brighter.

Posted in Bankruptcy Guelph    Add a comment

Leave a Reply

You must be logged in to post a comment.