If you are finding it hard to make ends meet post-pandemic, you’re not alone.
Licensed Insolvency Trustee for Allan Marshall and Associates Inc. Mark Marshall says the number of bankruptcies is still down compared to pre-pandemic levels but foresees a bit of an increase over the next little while.
“Revenue Canada and the banks commonly gave people breaks during COVID-19. But now those things are getting back to normal in regards to the banking world and the Revenue Canada world. People are continuing their normal course of business. So I think, with that, normal pre-pandemic action is a little bit of a driver at this point.”
He adds inflation is also playing a role as well.
“So I know people that had been able to kind of maintain payments on lines of credit and kept themselves afloat, like that little bump or that little increase in the interest rates is caused them a bit of concern. So again, they’re reaching out to talk about options.”
Marshall says there’s no shame in reaching out to speak to an Insolvency Trustee to look at your options.
“If you’re struggling, the reality is that when you when you speak with a Licensed Insolvency Trustee, we’re required to not necessarily encourage someone to go into bankruptcy but do an assessment to make sure that they’re aware of their options.”
The option might be to reconsolidate or remortgage a home. Marshall says they can make suggestions on what bank to use.
“Maybe it’s looking at some kind of a proposal or some kind of settlement offer. Maybe bankruptcy is the right option. So I think when you chat with a trustee, the role is to provide an assessment to an individual to help them or guide them to make a decision about what they can do. So they’re not committed. They’re not forced to do anything. They’re receiving advice so they can make an informed decision,” Marshall says.
When choosing someone to talk with about your options, Marshall suggests you go to a local Licensed Insolvency Trustee because there are a lot of online offerings that may or may not be legitimate.
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