Consumer insolvencies in BC increased overall in March 2017 by a whopping 26.3 percent from February 2017. Consumer proposals increased 18.6 percent while bankruptcies increased 37.4 percent.
The proportion of proposals in consumer insolvencies in BC accounted for 55.64 percent during March 2017 while they accounted for 52.19 percent for all insolvencies across Canada for the same period.
Consumer insolvencies in BC for the 12-month period ending March, 2017, decreased by 6.9 percent compared with the 12-month period ending March 2016. Consumer bankruptcies decreased by 7.8 percent, while consumer proposals decreased by 6.2 percent. Consumer insolvencies in all of Canada are up by 2.2 percent over the same period last year.
The proportion of proposals in consumer insolvencies in BC was 57.0 percent during the 12-month period ending March 2017, up from 52.5 percent during the 12-month period ending March 2016. It indicates the popularity of consumer proposals as a way for consumers to deal with their debt and with dealing with a Licensed Insolvency Trustee over other unregulated service providers.
The insolvency statistics indicate the increasing benefits of the protections provided to consumers under the Bankruptcy and insolvency Act over other non-legislated options, whether that is a consumer proposal or a bankruptcy. It also indicates that consumers are seeing the benefits of seeking the professional advice of a Licensed Insolvency Trustee rather than those of other non regulated service providers.
If you would like to know exact details of how a consumer proposal or a bankruptcy would benefit you in dealing with debt, call us at (604) 605-3335 to schedule a free consultation.
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See this article for other Canadian insolvency stats for March 2017.