Do High Gas Prices Lead to Bankruptcy in Cambridge, Ontario?
As the bankruptcy trustee responsible for the Hoyes Michalos personal bankruptcy office at 8 George Street North in Cambridge, Ontario, I constantly ask people "what was the cause of your financial problems?"Recently more and more Cambridge residents have told me that they were living close to the edge before, but with high prices of natural gas and hydro, many people's budgets are now out of balance. Many residents of Cambridge are commuters; they live in Cambridge but work in Missisauga, Hamilton or Toronto. I've even met people that commute from Cambridge to Scarborough every day!
That means that the high price of gas can put a significant strain on the family budget. (As I write this on Saturday July 8, the best price for a liter of regular unleaded is 102.6; you can check the most recent gas prices in Cambridge on the web).
Based on my experience, I don't think high gas prices lead to personal bankruptcy in Cambridge, Ontario. However, if you already are carrying a lot of debt, and if something else happens, such as a job loss or a marriage break-up, higher living costs can be the "straw that breaks the camel's back".
I don't have a crystal ball, but I doubt that gas prices will start falling anytime soon, so if you are have more debt than you can handle, I encourage you to e-mail me or call us in Cambridge at 519-622-3773 or 310-PLAN so that we can book a no-charge appointment to review your options, and work out a plan to get you back on track.
Tagged as: personal bankruptcy, bankruptcy Cambridge, Cambridge bankruptcy, high gas prices
posted by J. Douglas Hoyes, CA, Trustee @ 3:53 PM
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