Can Personal Bankruptcy Relieve Stress?

Posted in Personal Bankruptcy
Posted by J. Douglas Hoyes, CA, CPA, LIT, CIRP, CBV

bankruptcy-relieve-stressEvery week I meet with people who are feeling overwhelmed by their debts. Bill collectors are calling, and they don’t know where to turn for help.

About two months ago I met with a person who told me that the stress of her situation had gotten so bad that their doctors were treating her for high blood pressure, stress, and depression. She told me that her doctor suggested she contact a financial professional, such as the staff at Hoyes Michalos & Associates, for help.

I met with her and we reviewed her options. She had a job, but since she had missed work due to illness, she was behind on her bills. Collection agents were threatening to take her to court, which only increased her stress levels. She was having trouble sleeping, and her doctor had to increase her blood pressure medication.

We discussed credit counselling, consumer proposals, and bankruptcy. Based on her income, she decided that a consumer proposal was the best option. We filed the proposal, and it was accepted by her creditors.

I saw her again last week, and she seemed like a new person. She told me that filing the proposal was a very difficult decision, but once the process started she felt a tremendous sense of relief. The proposal did not solve all of her problems, but she is not getting phone calls from bill collectors, and she is able to get a good night’s sleep. Her stress levels are lower, and even her blood pressure has improved!

Financial problems are not a life sentence. There is help, so click on the e-mail link on this page, or contact one of our Ontario offices to book a free consultation with one of our professionals, and let’s get started.