The number of insolvencies in Newfoundland and Labrador continues to climb - Bankruptcy and Credit Counselling St. John's | S.R Stack Skip to content

The number of insolvencies in Newfoundland and Labrador continues to climb

Bankruptcies and proposals increasing in latest statistics
The latest statistics from the Office of the Superintendent of Bankruptcy show a significant increase in insolvencies in Newfoundland and Labrador.

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The Office of the Superintendent of Bankruptcy released its latest Quarterly Report today and, unfortunately, the numbers are not good for Newfoundland and Labrador.

For the 12 month period to June 30th 2016 vs to June 30th 2015 there was a 31.4% increase.

When comparing Q2 2015 to Q2 2016 there was a 36.9% increase.

These are significant increases and are a continued reflection of the downturn in the economy as a result of the impact of the drop in oil prices.

I don’t believe that this is reflective of any impact the April provincial budget will have. The April budget didn’t come into full effect until July so it is unlikely that we are seeing many insolvencies up to June 30th as a direct result of the budget.

If you are struggling with making ends meet day-to-day and are wondering what your options are, give me a call at 221-5500 for a free, no obligation, consultation.

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]