Posted on Monday, December 18, 2006Bad news at Christmas time.In Southwestern Ontario, the news lately has not been good. Yes, the Christmas sales are coming, but the jobs are going.Plant closings have been announced in St. Mary's, Stratford, and St. Thomas. Added to the ones announced about 1 month ago in Sarnia, Strathroy and St. Thomas, this adds up to a lot of jobs. To make the situation more difficult, the new Toyota plant in Woodstock and the surrounding feeder plants will not be running until long after the announced closings. It also appears the Ford plant in Talbotville may be in trouble even after all the "good news" this summer from the "brass" in the company and the union. Many of the plants that are closing are in the automotive industry and over the past 10 years Southwestern Ontario has moved from a vibrant, secured place of employment in the automotive sector to one of uncertainty and layoffs and of course job losses. For the employees of these businesses to get the news at this time of year must be a double worry. How will they afford to pay their Christmas purchases? If they lose their job next year, how will they afford to feed their families? If you are in this position, you need a plan. You need to discuss your situation with people who care about helping you over a long period of time. You need to find out what options are available to you. Call our offices at 310-PLAN and talk to one of our professionals and if necessary, make an appointment to discuss the issues in detail. Enjoy the Christmas season and the start of a new year by knowing that you are taking the steps necessary to solve the problems that may occur in the new year. We look forward to helping you plan those steps. Posted by Norma Yau, Trustee @ 5:36 PM
Posted on Tuesday, December 12, 2006How do I determine how much money to offer in a proposal?The first step to filing a consumer proposal is to offer your creditors more than they would receive if you either filed for bankruptcy or sold all of your assets to pay them. For example, if have debt of $50,000 and investments of $20,000, the creditors will not likely accept anything less than $20,000.The next step is for us to look at the voting history of your creditors. Some creditors will vote against a proposal unless a set of conditions are met. When we meet, we can review our experience with the creditors' voting history with you. The final step is to look at what your budget can afford. If according to your budget you can afford to offer $500 monthly, but you only offer $300 monthly, the creditors will probably offer a counter offer of $500 monthly. Call us at 310-PLAN or email us to book your appointment to review your individual situation. Posted by Rebecca Martyn, CGA, CIRP, Trustee @ 4:08 PM
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