Bankruptcy Rate in Edmonton Hits Nine-Year High

The number of Edmontonians who filed for bankruptcy in 2018 reached its highest point in the last nine years, according to the federal Office of the Superintendent of Bankruptcy, the Edmonton Journal reported. Edmonton’s 2018 consumer insolvency rate for residents over 18 tallied 4.4 per 1,000 people, show annual statistics released May 24. “This isn’t good news but it’s something that should be discussed more, as these debt-relief options are the best course of action for severely indebted individuals who may never become debt-free otherwise,” said MNP LTD insolvency trustee Donna Carson in a news release Monday. Findings from a recent survey conducted on behalf of MNP LTD found 82 per cent of Albertans owe more than $1,000 in debt, the largest proportion compared to the rest of Canada. Read more