The Office of the Superintendent of Bankruptcy Canada has recently released their statistics for the month of March 2016.
Insolvencies in Canada increased by 8.8 percent from the previous month, and up 1.8 percent compared to a year ago. Bankruptcies increased by 10.4 percent, consumer proposals up by 7.2 percent.
For the 12 month period ending March 31, 2016, total insolvencies increased 2.8 percent compared to the same 12 month period a year ago.
It appears that Canadians are carrying record amounts of personal debt and that many of them are experiencing debt problems or will experience money problems in the future. Therefore the numbers of people filing personal bankruptcy or making a consumer proposal are likely to increase even more in the coming years.
If you’re struggling with debt and need help, contact our office today and book a free, no-oblligation consultation. We’re here to help.
