A St. John’s financial consultant who helps people cope with unmanageable debt says a spike in the number of personal insolvencies in oil-producing provinces is a sign of the times.
“We’re talking about almost 2,000 filings a year and, for a small province such as Newfoundland, [that’s] a pretty big number. It’s not insignificant,” said Sean Stack, a trustee with S.R. Stack and Company Ltd.
“For a few years there, Newfoundland’s economy had been doing quite well and total filings were decreasing. But now with lower oil prices and Alberta’s economy struggling, parts of Labrador struggling we’re starting to see that showing in the bankruptcy and insolvency numbers,” he said.
New data from the Office of the Sup…
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