Consumer insolvencies in BC increased overall in January 2017 by 9.3 percent from December, 2016. Consumer proposals increased 14.1 percent while bankruptcies increased 3.7 percent.
The proportion of proposals in consumer insolvencies in BC accounted for 56.5 percent during January while they account for 53.4 percent of all January 2017 insolvencies across Canada.
Consumer insolvencies in BC for the 12-month period ending January, 2017, decreased by 1.2 percent compared with the 12-month period ending January 2016. Consumer bankruptcies decreased by 10.2 percent, while consumer proposals increased by 7.1 percent.
The consumer proposal filings show the increasing popularity of dealing with debt over bankruptcies and other non-legislated options. It also indicates that consumers are seeing the benefits of using a Licensed Insolvency Trustee over other service providers.
The proportion of proposals in consumer insolvencies in BC was 56.6 percent during the 12-month period ending January 2017, up from 51.6 percent during the 12-month period ending January 2016. Again, it indicates the popularity of consumer proposals as a way for consumers to deal with their debt and with dealing with a Licensed Insolvency Trustee over other unregulated providers.
See this article for other Canadian insolvency stats for January 2017.