People who make a living guiding others through bankruptcy in Canada say theyve never been busier.
Record debt burdens, rising borrowing costs and, in some cases, bigger payday loans are driving many Canadians to seek relief, according to several licensed insolvency trustees who spoke to Bloomberg. They say November was their busiest on record, and December typically a slow time of year in the insolvency trade hasnt let up.
Im essentially trying to add capacity every day to get people seen, Blair Mantin, a Vancouver-based licensed insolvency trustee at Sands & Associates, said by phone. Usually things slow down around Christmas, but we havent seen the demand slow down this year.