Financial Fitness, the leaders in financial education in Windsor-Essex are proud to offer our new upcoming workshop series entitled Busy mom's (and dad's too)
In this series we will explore strategies for budgeting, money management, extreme couponing, meal planning, financial parenting and much, much more.
Where: Financial Fitness Centre (420 Devonshire Rd. Windsor ON)
Part 1: Fundamentals Saturday Jan 28th
Part 2: Extreme Couponing Saturday Feb 25th
Part 3: Paying it Forward Saturday Mar 24th
Time: 10:00am -11:30 am
Register: Call 519-258-2030 or email
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Cost: $30 for series (resources and refreshments provided)
We’re going into the worst financial season of the year… January. It’s after the holidays when everyone gets their credit card bills. We’re surprised by the amount that we spent on Christmas and a lot of workers find slow downs or shut downs at work. It’s a cycle and it happens every year. It seems around this time that the number of bankruptcies tends to increase. If you find yourself in a position when you are unable to pay your creditors and are considering bankruptcy please consider the pros and cons of the bankruptcy process.
Pros of Bankruptcy: • You are discharged from all or a significant part of the existing debts and are able to make a “fresh start” • Creditors are not allowed to start new legal actions or to continue existing ones against the debtor or the third parties in possession of bankrupt’s property i.e. wage garnishment and liens • Collection agencies are not allowed to enforce the debts, meaning the collection calls will stop • Bankrupt is entitle to keep certain property exempted from distribution among the creditors (sometimes a house or car may be exempt)
Cons of Bankruptcy: • You give up the legal title and control of non-exempt property (TFSA, possibly a second car) • Bankruptcy will be shown on your credit rating as long as seven years after discharge • You lose some professional and civil privileges, i.e. capacity to hold money in trust, capacity to be elected to certain civil positions • Bankruptcy still carries negative stigma, i.e. negatively influence your credibility in the community • You lose part of any surplus income and all property received before the discharge is transferred to the trustee for distribution among creditors (you may have to pay additional fees into the bankruptcy) • You are deprived of a part of the income and the property and as a consequence may have to lower his and his family’s standard of living • Debts that are not dischargeable debts will still have to repay them after the discharge order is made (some debts may not be included in the bankruptcy and you are still responsible to pay them) • You have duties to perform before the discharge (you will be required to submit paperwork)
A bankruptcy can have long lasting emotional effects that need to be considered very closely, especially if a house or other property has been surrendered. If you are facing a situation where bankruptcy might be an option, come in to see one of our unbiased counsellors. We can discuss your options and provide you with information on bankruptcy options.
I have worked for The Financial Fitness Centre in Sarnia for well over 10 years now. During these years I have often heard clients say that they “wish they had heard of us earlier” & “why don’t people know about your services?” Good questions!!!
As a community based, nonprofit agency we continually face the challenge of raising public awareness about our programs and services. Part of the reality of being a not for profit agency is that advertising dollars are limited. We rely heavily on our solid reputation, word of mouth and all the various referral sources; from professionals in the financial industry to fellow community agencies.
The economic downturn has contributed to an assortment of financial hardships for families – household debt increases, job losses, divorce to mention just a few. Where to turn for help can also be a somewhat daunting decision as well. After all, our society does not encourage discussion about our personal finances, so any money difficulties and the various solutions remain uncomfortable to discuss. Is it any wonder we put off and avoid solutions for as long as possible…. Sometimes until it’s too late!
It’s easy to see why one might choose what seems like the easiest & less painful route to take to resolve debt issues. Hence, the “quick fix” remedy. “For profit” Debt Consolidation outfits - Backed with big advertising dollars that lay claim to:
quick fix solutions, credit repair, debts slashed by up to 70%, creditor protection
Here’s my concern!!! It won’t work.
These are all promises that sound great but in reality come at a big price tag…. Namely, your large, upfront fees. $$$$$$
Locally, I have seen families victimized by these fees that can vary anywhere from a few hundred to several thousands of dollars for nothing more than an empty promise of resolution. What these companies often do – (aside from cashing your cheques) is make the situation worse.
As a Counselor I am not the only witness to such misfortune – I invite you to read a recent blog posting written in part by Joel Sandwith, a former non profit Credit Counselor now working for a firm called Hoyes Michalos - as a Client Services Specialist. http://www.hoyes.com/blog/2011/10/debt-consultants-horror-stories.html
As you can see, these concerns are shared by all sorts of financial professionals, from the banking industry to bankruptcy trustees. These financial and community professionals are just as unsettled by these situations as we are.
Here’s what you need to know: If you of someone you know is experiencing financial difficulty of any nature….
Firstly, that you DO have options. • The Financial Fitness Center is right here in Sarnia and Windsor, providing free consult appointments – where we offer unbiased advice. We are regulated and our agency is an Accredited member of the Canadian Association of Credit Counselling. Canadian Association of Credit Counselling Services - The National Voice for Not-For-Profit Credit Counselling in Canada
Counselors are Qualified, Accredited & Certified. Our Debt Management & Financial Literacy Programs are well respected and recognized within the financial industry.
And best of all, you do not need to pay us to refer you to another professional.
Knowledge is definitely power. Make a well informed decision.
To schedule an appointment please call in Sarnia: 519-542-1130 In Windsor 519-258-2030
For further information: Refer to Credit Counselling Agencies: Home - For Consumers - Budgeting and Money Management - Debt Management
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