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Local families not immune to risks from bankruptcy continued from p.9 Therefore, the owners of the City of Detroit's bonds will lose -- a bond worth $100 dollars one day is now worth $17. That bond holder might be an individual or it might be a pension fund with plans to use bond payments to make pension payments. Many individuals will be hurt and very few would have expected something as safe as a major city bond to default. More at risk are retired city employees. They are in danger of having their pensions reduced to 17 per cent of current levels. Those are the same citizens who have watched their property values decline as the mass exodus occurred over the past decades. Many will be bankrupt themselves. Lives will change. The question is why and can a bankruptcy be avoided? Detroit is no different than a Canadian family that declares bankruptcy. If your debts and other financial obligations are too large, the only way to recover is to somehow eliminate those obligations. Gordon Lightfoot's bestselling song Black Day in July was about the massive Detroit race riots in 1967. In July there was another example of a black day when the city's decision to declare bankruptcy will harm many people. Our lesson to you is to plan ahead because all good things do not necessarily continue on forever. Build emergency funds, diversify and, generally, be prudent. We are not immune to the types of risks that many of the people of Detroit have suffered. -- Submitted by Peter Watson, MBA, CFP , R.F .P ., CIM, FCSI., Certified Financial Planner 15 | Thursday, August 1, 2013 | OAKVILLE BEAVER | www.insideHALTON.com wAREHOuSE SAlE buRlINgTON MAll Ukrainian Festival at St. Joseph's St. Joseph's Ukrainian Catholic Church is hosting the Oakville Ukrainian Festival on Saturday, Sept. 28. The event runs from 11 a.m.-4 p.m. The festival will feature comedian Luba Goy of the Royal Canadian Air Farce, homemade authentic Ukrainian cuisine, Ukrainian singers and musicians, traditional dancing, a children's play area and vendors. The church is located at 300 River Oaks Blvd. E. For more information, visit www.tserkva.ca. 80% SEALY, BEAUTYREST, SERTA and STEARNS & FOSTER SAvE uP TO Finding your next used car is as easy as pie. 80% off selected mattresses ON MATTRESSES, FuRNITuRE AND MAjOR APPlIANcES 60% off selected furniture 35% off selected major appliances Plus, 60% off selected patio furniture BOSCH, GE, FRIGIDAIRE, KITCHENAID and more SO LD ! 24 EASY PAYMENTS ­ NO ADMIN FEE ­ 0% INTEREST FOR 24 MONTHS On all furniture, major appliances, mattresses and home entertainment when you use your Hudson's Bay MasterCard® or your Hudson's Bay Credit Card. Minimum purchase $499 (excluding taxes). Delivery charges and taxes are payable up front. On approved credit only. Equal monthly payments required. See below for details. Go to autocatch.com 1. Choose the perfect vehicle 2. Buy your dream car. 3. The best way to find your next used car. Shop thebay.com The Car Buyers' Network twitter.com/thehudsonsbayco facebook.com/hudsonsbaycompany b-insider.com Special Payment Plans are available on approved credit with your Hudson's Bay MasterCard or Hudson's Bay Credit Card on the identified items. Not applicable in Quebec. If you default under your payment terms or under your Hudson's Bay Account Agreement, then the terms and annual interest rate are set out therein. The billing period covered by each statement will be approximately 30 days. For full details, go to http://paymentplanhbc.com, call 1-800-263-2599 or see a store associate. Hudson's Bay, Hudson's Bay Credit, hbc.com and their associated designs are trademarks of Hudson's Bay Company. Credit is extended by Capital One Bank (Canada Branch). Capital One® is a registered trademark of Capital One Financial Corporation. MasterCard and the MasterCard brand mark are registered trademarks of MasterCard International Incorporated. All marks used under licence. All rights reserved.