Bankruptcy and Credit Counseling

The Globe and Mail reports that bankruptcies are skyrocketing in Canada:

Bankruptcies among consumers are surging across Canada.

The number of consumers filing for bankruptcy in December soared 50.6 per cent, although filings fell from a month earlier, the Office of the Superintendent of Bankruptcy Canada said Monday.

While the filings spanned all regions of Canada, Alberta was highest at 106 per cent.

Bankruptcies among businesses were up just 2.4 per cent from a year earlier, but tend to lag consumer filings, economists say.

The question arises as to whether it is best to go into bankruptcy or to go see a credit consellor. The Globe and Mail has a good piece entitled “Five things to consider before declaring personal bankruptcy” that would be a must read on what to do. They also had two discussions whereby readers go online and ask questions to visiting guests. These included a discussion on bankruptcy and one on credit counseling.

If you are in a bind, these articles will provide some useful information as to what would be best for you and your family.

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