Food for Thought Blog

Bankruptcy on the Rise Through COVID-19

November 18th, 2020Awareness

It has been nine months since the pandemic began and while many of us may have thought it was temporary, it’s clear we are in it for the long-haul.

Since March, millions of Canadians – including thousands in our own community – have been navigating unexpected challenges; from sudden job loss, limited budgets, to empty grocery store shelves and are struggling to put food on the table.

With many COVID-19 relief programs, such as the Canadian Emergency Response Benefit, having come and gone, many people are facing bankruptcy and are wondering how they will survive.

In a recent article published by CBC, experts are noting that despite the initial lull during the early days of the pandemic, the number of insolvencies has started to rise and is expected to skyrocket.

According to the article, insolvencies spiked by nearly 20 per cent in September when compared to the previous month. That number is the highest since the pandemic began.

Like debt and financial challenges, food insecurity can happen to anyone, anywhere at any time. In fact, last year in Waterloo Region 33,355 people accessed food assistance. Watch the recent Debt Free in 30 podcast by Hoyes Michalos to learn more about about the stigma surrounding food and financial insecurity.