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BC Bankruptcy Statistics – January 2017

April 11, 2017

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In comparison to January of last year, consumer insolvencies decreased by 1.2% in BC.

January Bankruptcy Statistics Graph

In total, there were 773 consumer insolvencies in BC this past January.

Although this is an increase from the 707 filings in December 2016 (which was the lowest number of consumer insolvencies filed in BC since August 2010), it marks the eighth consecutive month where BC had year over year declines.

Due to BC’s relatively low unemployment rate, many individuals have been able to resolve, or at least postpone, formal insolvency filings. Unfortunately, delaying this process can be detrimental as postponing a formal insolvency filing denies the individual the fresh start they receive by dealing with their financial difficulties through a Licensed Insolvency Trustee.

Nationally, consumer insolvency filings increased by 2.8% during the month of January. When looking at the results, there continues to be two distinct markets in Canada:

  1. The provinces that have been negatively affected by weak oil prices continue to have increasing consumer insolvencies, including Alberta (+11.4%), Saskatchewan (+24.3%) and Newfoundland (+23.3%)
  2. Provinces that benefit from a weak Canadian dollar and are strong in manufacturing, tourism and the film industry exhibited a levelling off in consumer insolvency fillings. These provinces include BC (-1.2%), Ontario (4.1%) and Quebec (-3.1%).

Consumer proposals continued to be popular with 57% of insolvency filings in January in BC being consumer proposals. In January, consumer bankruptcies saw a decline of 10.2% and consumer proposals increased by 7.1% when compared to the same time last year.

Consumer proposals offer many people a legal means to avoid bankruptcy and settle with their creditors for a portion of the total amount owing while still retaining their assets.

Source: Office of the Superintendent of Bankruptcy, Insolvency Statistics

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