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Bankruptcy is devastating. The impact of having to declare you can’t meet your financial obligations has far reaching effects emotionally and monetarily. For business people it’s a stigma that may mean never being regarded as creditworthy again.

Despite a strong economy, the trends to personal and business bankruptcy in Canada have been dire over the past few years.  In 1997, the Office of the Superintendent of Bankruptcy recorded a total of 97,497 bankruptcies - 85,297 by individuals 12,200 by businesses.

Among its other duties, the Office is also responsible for administering the transactions between trustees, creditors and debtors - and for maintaining publicly accessible records of bankruptcies and receiverships.  These are lists no one seeks to get on, but that some fall into for a variety of reasons, including:

• Excessive reliance on consumer credit
• Job loss or family pay cut
• Mismanagement of personal finances
• Business difficulties
• Divorce or marriage breakup
• Lawsuits

Despite their best efforts, bankruptcy remains a painful possibility for too many Canadians for anyone to say, “It can’t happen to me.”  So is there anything an intelligent person can do to prepare for the unthinkable and perhaps lessen its financial impact?  Within certain limitations; there is.

Like mutual funds, segregated funds offer professional money management, provide diversification, and have the potential to grow in value.  If you make a segregated fund investment and name a spouse, child, grandchild or parent as beneficiary, your investment may be protected from your creditors.  The protection isn’t foolproof, and won’t be effective if you try to use our segregated funds as an emergency asset shelter.  Speak to your advisor about other conditions that may apply.

Individuals who are in business for themselves or who carry greater risk for personal liability may be more exposed to the possibility of bankruptcy.  For their own sakes, as well as for those of their loved ones and heirs, investigating segregated funds is a responsible course of action. If you are in this situation, please speak to your Credential Financial Strategies Inc. Representative about how segregated funds can meet your needs.

For more information on how you can protect your assets or how Credential Financial Strategies Inc. can assist you with any of your financial planning, insurance or investment needs, call Ozzie MacKay, your Credential Financial Strategies Inc.  Representative, today at 858-7909 or drop by Credential Financial Strategies Inc. adjacent to OMISTA Credit Union on 1192 Mountain Rd. for a no-cost, no-obligation consultation.

Credential Financial Strategies Inc. is a member company under Credential Financial Inc., offering financial planning, life insurance and investments to members of credit unions and their communities. ^®Credential is a registered mark owned by Credential Financial Inc. and is used under licence.