Until Debt do us part
Billions of dollars are lost to bankruptcies every year. Could this have been prevented? Could it have been bad planning or incorrect financial advice. The truth is it’s not just one contributing factor but many. According to this information provided many individuals and companies leverage their way to bankruptcy. Do these individuals accept accountability for there actions or do they just reside themselves to the fact they are in debt and hope a business transaction will pull them through to prosperity. When this doesn’t happen and the financial pressure becomes unbearable. Is the decision to walk away from those commitments the only recourse. How many Canadians actually take a position to pay companies that have extended there goods and services.
According to Statistics Canada in 2002, 104,798 Canadians filed for bankruptcy for a total deficiency of 10.2 billion dollars. In addition, to the loss of dollars, 6265 Canadian businesses fell victim of the same demise. If we assume that all of the 6,265 businesses employed 1 person, plus the owner, this number represents 12530 individual losses of income.
If you or a family member is comtemplating filing for bankruptcy take the time to consult a professional. They will explain your options and develop a path that is tailored to your situation. But keep in mind it costs money to FILE FOR BANKRUPTCY.
The Statistical Tabulation “Bankruptcies & Proposals Reported in 2002 by Major Urban Centers” was formulated according to the requirements of the Postal Delivery Area - Geographical Classification Code Conversion Table.
Frank Joseph
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