It's Not All Bad: 2018 Increase In PEI Insolvency Filings Means Many Found Permanent Debt Relief

As the impact of higher interest rates continues to resonate across the country, a growing number of Prince Edward Islanders are struggling to cope. The increased cost to service debts has pushed many to the breaking point where they’re missing payments, creditors and collections agencies are calling and the prospect of bankruptcy edges ever closer.

In fact, a recent Journal Pioneer interview with MNP Vice President Walter MacKinnon reveals a 5.7 percent increase in PEI bankruptcies (416) and Consumer Proposals (299) between 2017 and 2018. But while many see this as a troubling sign, MacKinnon reveals an important silver lining: it means more people are getting the help and financial fresh start they need.

The prospect of seeking professional help with their unmanageable debt still doesn’t sit well with many. However, the alternative is often much worse – sleepless nights, strained relationships, damaged credit and continued financial stress to name a few. Working with a Licensed Insolvency Trustee, debtors can find an appropriate, permanent and Life-Changing Debt Solution to get the relief they need.

By attending a Free Confidential Consultation, anyone considering a bankruptcy or Consumer Proposal can obtain the information required to make an educated decision about how to address their debt head on and hopefully find a sustainable path forward.

An original article discussing the increase in PEI insolvency filings and the solutions available for debtors was published online on Jan 19, 2019.