CBC News article on impact of NL budget - Bankruptcy and Credit Counselling St. John's | S.R Stack Skip to content

CBC News article on impact of NL budget

More bankruptcies likely
I was interviewed by CBC News regarding the impact of Newfoundland and Labrador’s 2016 budget.

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Here is a CBC News article where I was interviewed about the impact of the 2016 provincial budget.

“Insolvencies in Newfoundland and Labrador were already on a sharp upward swing because of a slump in the oil and mineral sectors, and the gradual decline of employment on major projects.

Stack expects those numbers will now accelerate.

“I do expect this will lead to more families having to file for bankruptcy or proposals declaring themselves insolvent,” he said.”

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]