One in Five (21%) Canadians Technically ‘Insolvent’
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There are some amazing numbers coming out of a recent Ipsos Reid survey including:
– almost 1 in 4 (24%) Atlantic Canadians are technically ‘insolvent’
– Canadians estimate the average Canadians’ debt-to-income ratio at 48% when it is in actual fact 162%
With the housing market softening in Newfoundland and Labrador, what happens to these numbers if there is a ‘true’ real estate market correction?
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Did You Know?
1
Many people who file for bankruptcy get to stay in their home.
2
In Newfoundland and Labrador, you can keep your RRSPs – even if you file for bankruptcy.
3
Many people who file for bankruptcy are able to keep their vehicle.
4
Most bankruptcies are NOT published in the newspaper.
5
Student loans can be included in a bankruptcy if they are more than seven (7) years old.
6
A consumer proposal is an alternative to bankruptcy that can only be filed with a licensed trustee in bankruptcy.
7
In NL, people ages 30 to 39 years old file for bankruptcy more than any other age group. [source]