Increase in Bankruptcies predicted by CAIRP
An increase in bankruptcies and insolvencies is predicted within the next year.
According to the Canadian Association of Insolvency and Restructuring Professionals (CAIRP), low interest rates and access to credit have allowed some borrowers to keep up with debt repayments that otherwise would have been unmanageable. However, rising interest rates, coupled with near record high consumer debt levels, are expected to increase the number of Canadian consumers who will be forced into insolvency.
Read the complete News release here - CAIRP: Increase in Bankruptcies Predicted
Annual Inflation Rate
The Canadian Association of Insolvency and Restructuring Professionals (CAIRP) is the national professional organization representing more than 980 members working in the insolvency system. Almost ninety percent of Licensed Insolvency Trustees, licensed under Canada’s Bankruptcy and Insolvency Act are members of CAIRP.
What does it mean to declare bankruptcy?
Individuals who are unable to meet their debt obligations, and who do not have a reasonable expectation of meeting those obligations, in the near future; can file for bankruptcy under the Bankruptcy and Insolvency Act (Canada). It is a tool that is meant to protect creditors while still giving relief to those who are irreparably burdened with debt.
This process must be carried out through a Licensed Insolvency Trustee who will handle any assets and will be responsible for the administration of the bankruptcy until it is discharged
To answer some of your questions on eligibility and the process of filing, visit D. Thode & Associates Inc. or call and book a FREE consultation