Consultant calls high insolvency rates 'a troubling trend'

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This week I was interviewed by Jonathan Crowe of CBC News regarding the latest insolvency statistics released by the Office of the Superintendent of Bankruptcy. We had a great discussion on what some of the causes are how it is affecting people here in Newfoundland and Labrador.

The Latest Consultant calls high insolvency rates ‘a troubling trend’

This week I was interviewed by Jonathan Crowe of CBC News regarding the latest insolvency statistics released by the Office of the Superintendent of Bankruptcy.

Insolvencies include bankruptcy and consumer proposals and the statistics released are for the year 2015.

We had a great discussion on what some of the causes are how it is affecting people here in Newfoundland and Labrador.

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Did You Know?

In 2017 there were 125,807 insolvencies in Canada. source
In 2017 there were 1,390 bankruptcies and 1,125 proposals 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 2017 there was 36 business insolvencies and 2,479 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]