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BC Bankruptcy Statistics – November 2016

February 7, 2017

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Consumer insolvencies decreased by 5.6% in BC last year during the month of November.

Consumer bankruptcies declined by 23.3%, whereas consumer proposals increased by 11.6%. In total, there were 895 consumer insolvencies in BC and up until November 2016, there were 10,099 consumer filings.

The decrease in insolvencies during November marked the sixth month in a row where BC’s monthly consumer insolvency filings have declined. With a relatively low unemployment rate in BC, it appears individuals may be able to resolve their financial issues, or at least postpone a formal insolvency filing.

Nationally, consumer insolvency filings increased by 8.6% during the month of November. Provinces that were negatively affected by weak oil prices, including Alberta, Saskatchewan and Newfoundland, saw increases in consumer filings which exceeded 30%. On the other hand, provinces that benefitted from a weak Canadian dollar and are strong in manufacturing, tourism and film industry exhibited moderate increases or slight declines in consumer insolvencies. These provinces include British Columbia (-4.5%), Quebec (-1.1%) and Ontario (+1.1%). For the month of November, Alberta had 1,145 consumer filings.  To put this in perspective, Alberta, which has approximately 10% fewer people than BC, had 28% more consumer filings.

Consumer proposals continued to be popular with 60% of insolvency filings in BC being consumer proposals. 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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