The leading causes of bankruptcy in Canada are loss of employment or reduced income. In general, having less income will make it increasingly difficult for you to cover your debt payments, regardless of any attempts to cut back on spending.
Another leading contributor to personal bankruptcy in Canada is marriage separation or divorce. Approximately one third of all people filing personal bankruptcy in Canada are either separated or divorced at the time of filing. If you have debts when you separate, your increased expenses may make it difficult for you to continue to allocate required monthly payments.
A large and increasing number of Canadians who felt forced to incur large student loan debts just to get through university or college find themselves in distress if jobs are scarce and also due to education costs rising much faster than the inflation rate.
Medical problems often can and do lead to financial problems in a household as well.
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