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Bankruptcy rates on the rise in the Lower Mainland

VANCOUVER (NEWS1130) – While much of Canada has seen a decrease, here in the Lower Mainland more people have been filing for bankruptcy.

Blair Mantin, VP with Sands & Associates, says it has a lot to do with our high cost of living and the fact that wages haven’t kept up with the pace.

“Overall there is a decrease in bankruptcy filings of about five per cent but it really does vary postal code by postal code. In downtown, for example, there’s a 15 per cent decrease in bankruptcies whereas in Coquitlam there’s an 11 per cent increase,” he explains.

Mantin says a big factor in the valley is the number of foreclosures triggering bankruptcies.  People are selling their home at a loss and are still on the hook for its mortgage.

Mantin says that overall though many people have become better informed as to how to stay out of debt.  He says not getting help can have bad results. “Your creditors can harass you, they can take you to court, eventually they can seize your wages [up to 30 per cent in BC], what I think the biggest impact for people is really the sense of hopelessness.”

Bankruptcy rates:

Tricities – 11.27% increase from 2011-2012
Delta / West Surrey – 10.63% increase from 2011-2012
Richmond – 9.21% increase from 2011-2012
Central Vancouver – 3.95% increase from 2011-2012
Abbotsford – 3.75% increase from 2011-2012