Bankruptcy can provide relief for most types of consumer debt, save for a few noteworthy exceptions. Therefore, you can — in most cases — include a debt owing to the Insurance Corporation of British Columbia (ICBC) in a bankruptcy. However, each situation is different and ICBC will take a position based on the facts of each file.

Unmanageable debt is stressful enough without the persistent half-truths and complete inaccuracies that prevent people from getting the relief they need and deserve. Bankruptcy, more than any other debt solution, often seems to be the target of these myths and misconceptions. Yet it is often the most cost effective, affordable, and fastest path to relief for many Canadians.

Managing insolvency engagements within the new reality of the Bubble impacted engagements when travel was required from individuals outside the Bubble. The creation of the Bubble affected interaction with other professionals – such as lawyers, courts, appraisers, auctioneers and most importantly, buyers of assets.

Fifty-three percent say they are $200 or less away from not being able to meet all of their monthly bills and debt obligations, a six-point jump from December. This includes three in 10 (30%, +3pts) who report already being insolvent with no money left to cover their payments at month-end.

Financial jargon can be murky at the best of times. Downright frustrating when you’re sinking in the depths of unmanageable debt.

More than half (53%) say they are $200 or less from not being able to meet all of their bills and debt obligations each month, a whopping 10-point jump from December. This includes three in 10 (30%, +7pts) who report they are already insolvent with no money left at month-end to cover all their payments.

Now in its fifteenth wave, the MNP Consumer Debt Index, which is conducted quarterly by Ipsos on behalf of MNP LTD, finds nearly half (47%) of Atlantic Canadians are not confident they can cover their living expenses for the next year without going further into debt.

MNP’s quarterly Consumer Debt Index consistently finds between 45 and 50 percent of Canadians are $200 or less away from insolvency at month-end.