Loading articles...

Bankruptcies continue to spike in Alberta

Last Updated Oct 31, 2016 at 4:32 pm MDT

There’s still a long road ahead for Alberta’s economy.

Consumer insolvencies have shot up by 46 per cent in the past year in Alberta, according to a report by the Office of the Superintendent of Bankruptcy Canada.

That’s the second biggest jump in the country after Saskatchewan.

Insolvency Trustee Angela Lock with Grant Thornton says we can expect that number to slump even more in the coming months.

“I think that it may just continue to increase, unfortunately, for the next six months or so,” she said.

She says the holiday season will make things worse before they get better.

“Advice that I can give to people is planning. Also – talking to your family, talking to your kids about what the current financial situation is. You know, there might not be as many presents underneath the tree as there have been in the past. I think having that communication is very key,” Lock said.

“Usually, leading up to Christmas, people aren’t really thinking about coming into our office, but after Christmas we’re typically a lot busier, once credit card statements come in.”