With a more than 15% increase in NL of people filing bankruptcies and proposals to creditors, and more than 26% increase on the Avalon Peninsula, it is clear that more and more Newfoundlanders and Labradorians are finding themselves in financial difficulty.

With the Office of the Superintendent of Bankruptcy having released the latest insolvency statistics on August 31st it is clear that the number of people filing for bankruptcy or making proposals to their creditors in Newfoundland and Labrador is increasing.

For example; from April to June (2nd Quarter) of 2015 there was 512 bankruptcies and proposals filed in NL which, compared to 433 during the same period in 2014, marks an increase of more than 15%.

The biggest increase has been seen on the Avalon Peninsula where the number bankruptcies and proposals has gone up more than 26.5%.

Contact Sean Stack if you have any questions about this or if you are wondering about your own personal or business financial situation.

For more statistics for Newfoundland and Labrador and Canada follow the links below to the releases on the OSB’s website:

Total Insolvencies

Insolvencies Filed by Consumers by Economic Region