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September last year has seen very low levels of consumer insolvencies, and rates have only fallen further down since. At present, filings in Ontario declined 7.6%, and Canada-wide rates declined 2.1%.
Insolvency levels in both Ontario and across Canada are unlikely to go back to normal for a couple of months or very possibly more. Consumer insolvencies have steadily declined over the past months, and as previously stated, a good number of residents of Ontario and Canada are either credit proof or are able to support the load of their personal debt. Various practices were employed by the citizens during the pandemic that helped them avoid acquiring more financial burden. The pandemic has caused higher household cash flow to pay for existing consumer debt and many have not yet re-loaned for unessential spending.
This doesn’t mean that the interest rates will continue declining in the future. There might come a time where the rates will hike up, and when they do, even the slightest increase can affect home prices and household cash flow. This October 2021, our Homeowners Bankruptcy Index remains low, at 1.3%. The possible rise in inflation is worrisome in that can also cause challenges in financial management.
It’s been a tough couple of years since the COVID-19 pandemic started, not only in Ontario and in the whole of Canada, it has been very challenging for all nations across the globe. Throughout the course of two years, efforts have been pushed forward to combat the effects of the pandemic. However, it is very apparent that said pandemic has greatly impacted most if not all areas of living in all parts of the world.
Consumer Insolvency filings, in particular, have seen an all-time low ever since the pandemic started two years ago. About 33,992 residents of Ontario have filed insolvency in 2020. Personal bankruptcies and consumer proposals have both declined in 2020, with the former falling to 36.8% and the latter to 18.2%. In 2019, proposals as a share of Ontario insolvencies with 66% increased to 73% in 2020.
The changes in the profile of the average consumer insolvency in 2020 can be better understood by reading our annual Joe Debtor Bankruptcy Study and our report on how COVID-19 affected household debt.
Hoyes Michalos authored a summary of insolvencies by geographic regions based on FSA insolvency statistics in the records of the Office of the Superintendent of Bankruptcy (OSB). There may be slight variations from Regional FSA allocations to annual economic region data provided by the OSB since the regional data summarized by Michalos offers additional location details than what the economic region presents.
Virtually anyone struggling to keep themselves afloat can file insolvency in Ontario. Insolvent debtors are usually people who are doing their best to work and provide for themselves and/or their respective families. To gain more insight on the average bankrupt, read on our bankruptcy research study: Joe Debtor.
To know more what you can benefit from our Ontario Debt Relief Program, simply try our Debt Consolidation Calculator below and one of our debt specialists will get in touch with you and provide you the best debt relief option that fits your situation.
No contact details required to find out if you qualify
We will help you reduce as much as 75% of your debts and consolidate it into a single affordable monthly payment. Your creditors will stop harassing you and all interest will freeze if you get into our Ontario Government Debt Relief Program.
Many Ontarians are already benefiting from our Debt Relief Program, YOU should too!
Find out how much you can write off portion of your debts by getting your Free Savings Estimate below. A debt specialist from National Debt Relief Services in Ontario will discuss all options and provide you tailor-fitted Debt Relief Program.
SEE IF YOU QUALIFY TO:
No contact details required to find out if you qualify
A Debt Consolidation is a negotiated debt settlement offer made between you and your creditors with the help of a Debt Relief Agency in Ontario. Some key benefits of Debt Consolidation are interest-free program, no upfront fee required, combined monthly payment into one affordable amount, no lawsuits, and many more.
Yes, your assets are safe from creditors. A licensed debt relief agency in Ontario will help you come up with an offer to your creditors that will make sure your assets will be out of the paper.
No, in fact, this is one of the great advantages of a Debt Consolidation Program. All wage garnishment will stop from the day you filed the proposal.
The effect on your credit score is not going to be severe. Your credit score will most probably go to R7 Rating and will remain in your credit report for another 3 years after you completed the program. This means that it will not be permanent and you will still be able to rebuild your credit score.
This varies depending on the proposal you will be discussing with the help of a certified debt relief agency. It is also worth noting that debt consolidation cannot exceed more than 5 years.
If a debt is shared, you need to file a joint debt consolidation offer to your creditors. However, in most cases, in which the debts are individually incurred will have no impact on your spouse.
After three missed payments, your debt arrangement with creditors will be broken and you will end up getting chased again for the original debt amount plus interest.
A debt consolidation offer can be paid off earlier if you can. In this way, you receive your “Certificate of Completion” sooner and you can immediately start rebuilding your credit score.
National Debt Relief Services Ontariois a certified Canadian Debt Relief Agency that offers FREE CONSULTATION to your debt consolidation needs. We value the trust given to us by our clients by making sure your personal information is confidential and private. Our personalized plans are designed to tailor fit your financial capacity. Our specialists will get in touch with you by simply answering a few questions thru the link provided below.
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