Now that you’ve completed your Bankruptcy or Consumer Proposal, you may be considering getting credit again.

This discrepancy between income in / income out has led to a significant increase in insolvency filings throughout the province. Sound familiar?

​Relief from debt stress may be the only thing people focus on when they file a Bankruptcy. But for most households dealing with the overwhelm and hopelessness of long-term money problems, that's only the beginning. Bankruptcy has numerous peripheral benefits, which, once the dust settles and the debts are gone, usually turn out to be the most life-changing of all. Looking past the fear of judgement, of hurting their credit of admitting defeat,...

Underscoring Manitobans' financial vulnerabilities when it comes to consumer debt, the latest official figures from the Office of the Superintendent of Bankruptcy (OSB) continue to reinforce the mounting strain on many households in the province. The number of Manitobans who filed for insolvency in the second quarter of 2019 was up 15.5 percent compared to the first quarter, and up 4.1 percent compared to the same quarter of last year.

Canadians are feeling worse about their consumer debt and personal finances than was the case just three months ago.

I doubt that mental health was on the minds of legislators when the Bankruptcy and Insolvency Act (BIA) came into effect in 1950.

According to a recent Ipsos poll conducted by MNP LTD., a growing number of Canadians are inching closer to insolvency – with the proportion who are $200 or less from being able to pay their bills each month (46%) rising six points since September.

MNP Consumer Debt Index: July 2018 Results Summary

Canadians who find themselves in serious financial trouble could be digging themselves into a deeper hole by not seeking help when they need it.

According to a recent Ipsos poll conducted by MNP LTD., Canadians continue to fear increasing financial turbulence as the prospect of another interest rate hike looms.