The rate of bankruptcies are on the rise in Alberta, with more Albertans declaring bankruptcy in the first quarter this year than in the same timeframe last year.
While Canada as a whole saw a six per cent rise in consumer insolvency during this time period, the increase in Alberta was more than double that, according to the Office of the Superintendent of Bankruptcy Canada.
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In Alberta there was 15.2 per cent increase in bankruptcies and consumer proposals to settle debts with creditors between March 31, 2018, and March 31, 2019.
A consumer proposal is a plan to pay your creditors a percentage of what is owed to them or to extend the time you have to pay off your debts.
Calgarians fared slightly better than Edmontonians, with Calgary seeing an 8.5 per cent increase and Edmonton a 10.6 per cent increase during that time period.
Not only have consumers been hit hard, business bankruptcies were also up by 42 per cent this quarter in Alberta.
Between March 31, 2018, and March 31, 2019, 5,114 people and 175 businesses filed for bankruptcy.