Provided under the Bankruptcy and Insolvency Act, Bankruptcy law aims to balance your need for a financial fresh start with your creditors’ right to recover a portion of the money they’re owed.

Canadians are facing a lot of uncertainty right now. With a sudden economic downturn and many businesses shuttered due to social distancing measures, millions have found themselves out of work and unable to pay their debts.

The COVID-19 pandemic has shut down businesses, ravaged the global economy and caused significant job losses across the country.

MNP released its most recent Consumer Debt Index just as the COVID-19 pandemic started gaining a foothold in Canada. The data — which Ipsos collected over the two weeks preceding the indefinite shutdown of non-essential businesses and millions of resulting job losses — revealed households were already feeling more pessimistic about their debts than at any point in the survey’s four-year history.

Do you have student loans that were not erased by a bankruptcy or consumer proposal? Most likely, you filed before you had been out of school for seven years.

While the financial picture for many Quebec households looked bleak last quarter, many have stayed afloat thanks to the current raft of pandemic-related support programs.

While the financial picture for many Atlantic Canadian households looked bleak last quarter, many have stayed afloat thanks to the current raft of pandemic-related support programs.

While the financial picture for many Atlantic Canadian households looked bleak last quarter, many have stayed afloat thanks to the current raft of pandemic-related support programs.

While the financial picture for many Atlantic Canadian households looked bleak last quarter, many have stayed afloat thanks to the current raft of pandemic-related support programs.

While the financial picture for many Atlantic Canadian households looked bleak last quarter, many have stayed afloat thanks to the current raft of pandemic-related support programs.