Bankruptcy Myths | S.R. Stack Ltd. | Bankruptcy Trustee St. John's, Newfoundland

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This CBC article addresses 8 common myths associated with bankruptcy.

The Latest Bankruptcy Myths

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Did You Know?

In 2015 there were 125,716 insolvencies in Canada. source
In 2015 there were 1,519 bankruptcies in Newfoundland and Labrador. source
Many people who file for bankruptcy get to stay in their home.
In Newfoundland and Labrador, you can keep your RRSPs – even if you file for bankruptcy.

Many people who file for bankruptcy are able to keep their vehicle.
In NL in 2015 there was 27 business insolvencies and 1,822 consumer insolvencies. source
Most bankruptcies are NOT published in the newspaper.
Student loans can be included in a bankruptcy if they are more than seven (7) years old.

A consumer proposal is an alternative to bankruptcy that can only be filed with a licensed trustee in bankruptcy.
In NL, people ages 30 to 39 years old file for bankruptcy more than any other age group. [source]