The number of Canadian businesses and consumers going into insolvency or bankruptcy dramatically rose in November continuing a worrying trend. The province of Alberta saw the largest rise in insolvencies. Overall, the largest increase was in consumer insolvencies, rising 20.9 percent. Canadians now owe $1.78 of debt for every dollar of disposable income according to the Canadian Association of Insolvency and Restructuring Professionals (CAIRP). The increase is being blamed on consumers taking on too much debt which they were later unable to pay. Finance experts are encouraging people to look into possible payment plans rather than ignoring the problem.

“Total insolvencies in Alberta in November 2018 — including actual bankruptcies and proposals — for were up 20.2 per cent from November 2017.”

Read more: https://globalnews.ca/news/4816325/insolvencies-canada-alberta-bankruptcy/