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Feb 05, 2017

Unexpected life changes can wreak havoc on finances

Even the best financial minds in Ontario can sometimes find themselves experiencing fiscal difficulties. Unexpected life changes cannot be prevented or even fully prepared for. When they occur, they may quickly send things in a difficult direction. However, debt relief options exist, including bankruptcy, which could be key in providing an individual facing strained circumstances with a fresh financial start.

A recent survey conducted in Ontario found that many individuals cited divorce as one of the primary causes of their personal insolvency. Another 14 percent of respondents blamed their dire financial situations, at least in part, on divorce. For men and women between the ages of 40 and 49, the figure was higher, climbing to 20 percent.

Although divorce itself is not usually the sole factor, it can make a tricky financial situation much more daunting. Many spouses who have always operated on two incomes will now find themselves with essentially double the bills, but half the income, and each party now responsible for paying his or her own bills. Being the top earner may not be any consolation either, because depending on the outcome of the court proceedings, support payments can become onerous.

For anyone who has been experiencing financial troubles, unexpected life changes can bring a myriad of overwhelming challenges and perhaps even the consideration of filing bankruptcy. This may be a frustrating and time-confusing for an individual, but obtaining a clean financial slate could still be possible regardless of how dire one's circumstances may seem. A skilled and experienced Ontario lawyer can help those facing these situations protect themselves, their assets and their financial futures.