Sean Stack interviewed on NTV by Heather Gillis
Talk to Us Today
Last week, Sean Stack Trustee in Bankruptcy in St. John’s NL with S.R. Stack & Company Ltd., was interviewed by Heather Gillis for the NTV Evening News.
You can find the video of the interview at the following link:
NTV EVENING NEWS: BANKRUPTCIES RISE IN N.L. AS ECONOMY FALTERS
A number of different surveys and reports are discussed in the interview, I have links to them all below. In summary, as discussed in the interview with Heather Gillis, Newfoundlanders and Labradorians are finding themselves in a difficult place with very little room in their budgets for any suprises.
– Statistics Canada reported that Newfoundland and Labrador lost 1,200 full-time jobs in August 2015.
– The Canadian Payroll Association recently released a survey that indicates that 36% of Canadians feel overwhelmed by their debt and 48% are living paycheque to paycheque.
THE GLOBE AND MAIL – ALMOST HALF OF WORKERS ARE LIVING PAYCHEQUE TO PAYCHEQUE, SURVEY FINDS
– The number of bankruptcy and proposal filings in NL increased 18% in the second quarter of 2015 compared to the second quarter of 2014. The increase was even more dramatic on the Avalon Peninsula at 26%.
INSOLVENCY STATISTICS IN CANADA—SECOND QUARTER OF 2015
– Statistics Canada reported that household debt levels in Canada have reached record levels with the debt-to-income ratio increasing to 164.6%.
THE GLOBE AND MAIL – HOUSEHOLD DEBT LEVELS RISE TO RECORD HIGH IN CANADA
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]