Labrador West dealt another blow as IOC announces 150 layoffs - Bankruptcy and Credit Counselling St. John's | S.R Stack Skip to content

Labrador West dealt another blow as IOC announces 150 layoffs

More people to experience financial strain of layoffs
More people in Lab West may soon be wondering what options are available for dealing with their debt after the recent layoff announcement by the Iron Ore Company of Canada.

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The Iron Ore Company of Canada (IOC) announced today that they will be laying off 150 workers in Lab West, effective June 14.

This is a devastating blow to a community already reeling from significant employment losses.

Many people are likely to wonder what they can do about their debt loads now as they know a loss of work is around the corner, speaking with a licensed trustee in bankruptcy can help you understand your options

READ THE ARTICLE ON CBC HERE

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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]