Consumer Proposal Filings Across Canada Continue to Increase

TORONTO, ON / ACCESSWIRE / February 6, 2024 / Consumer proposal use for Canadians trapped in debt continues to rise, as a report conducted by Bankruptcy Canada reveals.

Consumer proposals are on the increase as more and more individuals realize this alternative to bankruptcy is available, according to the licensed insolvency trustees of BankruptcyCanada.com

Some of the findings included an increase of 24.6% in consumer proposal filings in Ontario in November 2023 (3,448), compared to November 2022 (2,767), as well as an increase of 26.2% increase in consumer proposal filings in November 2023 (96,885) compared to November 2022 (75,217) across Canada as a whole.

"As Canadians continue to grapple with rising costs of living, interest rate increases, and , we expect the number of Canadians seeking debt relief through alternatives to bankruptcy such as consumer proposals to increase." Gordon Sands, Bankruptcy Canada

About Bankruptcy Canada

Bankruptcy Canada is the largest network of Licensed Insolvency Trustees in Canada, who provide assistance on personal debt problems to Canadians from all walks of life and from coast to coast to coast.

Our friendly and caring debt relief experts provide bankruptcy services, consumer proposal services, budgeting, debt consolidation assistance and other debt management solutions to help Canadians get out of debt. With offices across Canada, we can help you get out of debt quickly.

More information available at https://bankruptcycanada.com

1-877-879-4770

SOURCE: Bankruptcy Canada