New numbers show that insolvency and bankruptcy are way down in Newfoundland and Labrador, which one licensed insolvency trustee says could mean filing is on a natural decline after years of an upswing, or people are just delaying seeking help as a result of the ongoing pandemic. Stack said those numbers may seem counterintuitive, given how many people have lost jobs or are working reduced hours as a result of pandemic, but there has been some relief. People had their mortgages deferred, their interest payments have been deferred, student loan payments have been deferred," he said. Insolvency trustees are seeing a decline in files late in the year. He added there could also exist a backlog in insolvencies, where instances such as divorce or illness would normally drive the total.

Source: CBC News September 13, 2020 18:45 UTC