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BC Bankruptcy Statistics – September 2017

December 13, 2017

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Consumer insolvency filings in British Columbia for the month of September were 13.7% when compared to September of last year.

In total, there were 763 consumer insolvencies in British Columbia in September. This is the second lowest number of monthly consumer insolvency filings in the last four years.

The decrease in filings for September means that 15 of the last 16 months have shown year-over-year declines in insolvency filings. It appears that with British Columbia’s relatively low unemployment rate individuals may be able to resolve, or at least postpone, any formal insolvency filings. Ironically, this may be detrimental to the individual, as postponing a formal insolvency filing denies that individual the fresh start they receive by dealing with their financial difficulties through a Licensed Insolvency Trustee.

Nationally, consumer insolvency filings decreased by 5.7% during the month of September. All provinces showed a decline in insolvency filings in September, except Newfoundland and Saskatchewan. This data appears to match recent economic data stating that the Canadian economy is expected to grow at a healthy rate of 3.2% in 2017. Canada’s unemployment rate has also dropped to 5.9% after 12 straight months of positive job creation. This is the lowest the unemployment rate has been since 2008.

Consumer proposals continued to be popular with 58% of British Columbia’s insolvency filings in September 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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