Consumer insolvencies continue to rise in Alberta

Consumer insolvencies continue to rise in Alberta by Crystal Laderas Posted Feb 28, 2017 11:09 am MDT Stock Photo AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to RedditRedditShare to 電子郵件Email Albertans’ money problems don’t appear to be getting any better, as the province saw a 34 per cent increase in bankruptcy and consumer proposal filings last year, according to a report from the Office of the Superintendent of Bankruptcy Canada.Grant Thornton expects another sharp increase this spring, before they slow down in the summer.Licensed Insolvency Trustee Angela Lock said people are running out of back-up plans as severance, employment insurance and other funds have dried up.“And they’re still not finding work, and I’m really seeing an increase sort of 50 to 60 year old range, where they’re having a hard time finding employment somewhere else, and they’re living with family members and that kind of thing,” she said.She is encouraging people to speak to an advisor for options.Lock is even telling some people who have no income and assets they can wait it out to avoid bankruptcy, because they don’t have anything for creditors to come after. read more