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Rapidly rising house prices are shielding indebted borrowers from insolvency, but for those without real estate, it’s a different story.
The industry is likely to collapse without immediate aid, a group says.
A new forecast predicts the number of households going bust will rise to near crisis levels in the next few years.
The clothing retailer employs 2,000 people across Canada.
No word yet on whether or not stores are closing.
One in five Canadians say they will have to liquidate assets to pay their debts this year.
Research suggests Canadians are under immense social pressure to spend money, and that's driving debt.
British Columbia and P.E.I. led the way with jumps of roughly 20 per cent in insolvencies.
The country's bankruptcy professionals agree: consumers "possess unhealthy levels of debt."
Corporations are said to have limited liability. However, that provides less shielding than most people realize.