One in Five (21%) Canadians Technically ‘Insolvent’ - Bankruptcy and Credit Counselling St. John's | S.R Stack Skip to content

One in Five (21%) Canadians Technically ‘Insolvent’

According to Ipsos Reid survey
More Canadians than you might think are technically insolvent and, if you think about it, what happens if there is a real estate market correction? Check out the following Ipsos Reid survey article for more.

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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?

FOR THE FULL ARTICLE AND MORE SURPRISING STATISTICS CLICK 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]