Canada – Personal bankruptcies were down 6.5% and consumer proposal filings were up 2.6% as compared to the 12-months ended August 31, 2016. New Brunswick – Personal bankruptcies were down 6.5% and consumer proposal filings were up 21.7% as compared to the 12-months ended August 31, 2016.
Tag: bankruptcy Saint John
July 2017 -Personal Bankruptcy & Consumer Proposal Statistics
Canada – Personal bankruptcies were down 5.7% and consumer proposal filings were up 3.4% as compared to the 12-months ended July 31, 2016. New Brunswick – Personal bankruptcies were down 5.9% and consumer proposal filings were up 20.5% as compared to the 12-months ended July 31, 2016.
June 2017 – Personal Bankruptcy & Consumer Proposal Statistics
Canada – Personal bankruptcies were down 5.9% and consumer proposal filings were up 2.4% as compared to the 12-months ended June 30, 2016. New Brunswick – Personal bankruptcies were down 7.1% and consumer proposal filings were up 14.4% as compared to the 12-months ended June 30, 2016.
May 2017 – Personal Bankruptcy & Consumer Proposal Statistics
Canada – Personal bankruptcies were down 4.9% and consumer proposal filings were up 4.1% as compared to the 12-months ended May 31, 2016.
New Brunswick – Personal bankruptcies were down 6.2% and consumer proposal filings were up 13.8% as compared to the 12-months ended May 31, 2016.
April 2017 – Personal Bankruptcy & Consumer Proposal Statistics
Canada – Personal bankruptcies were down 3.7% and consumer proposal filings were up 5.1% as compared to the 12-months ended April 30, 2016.
New Brunswick – Personal bankruptcies were down 2.9% and consumer proposal filings were up 9.4% as compared to the 12-months ended April 30, 2016.
Why Would My Trustee Oppose My Bankruptcy Discharge
Your Trustee is required to oppose your discharge if you do not complete specific duties or tasks: complete both mandatory counselling sessions, report you monthly income to the Trustee, sessions, make all agreed upon payments, including voluntary, surplus income, and equity payments. These are only some of the duties that you must complete.
Advantages of Filing a Consumer Proposal vs. a Bankruptcy
A consumer proposal can be creative and involve the sale, over time, of assets and payment of all or a portion of the equity in those assets to your creditors. This would allow you to settle your debts through a lump-sum payment instead of having to make monthly payments.
How Will A Consumer Proposal or Bankruptcy Affect My Credit Rating?
The proposal stays on your credit file for 3 years from the date of completion. A first bankruptcy will stay on your credit report for a period of 6-7 years (depending on which Province you live in) from the date of discharge. A second bankruptcy will be reflected on the debtor’s credit report for a period of 14 years from the date of discharge.
Dealing With Increasing Insolvency Rates
There are lots of factors but, I think the greatest single contributor is the proliferation of easy credit combined with low levels of financial literacy. High debt levels limit financial flexibility and the ability to weather and recover from financial setbacks resulting from job loss, reduced income, illness, separation/divorce, and other life events.
Struggling With Debt Tackle Your Finances Head On
Hiding from the reality of your financial situation will do nothing to improve it. People have a pre-disposition to hide from the truth, particularly when the truth is ugly. Unfortunately, we see this every day.