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Recession means business for 'repo man' in Alberta
Repossession business is flourishing all over the province as Albertans struggle to make debt payments because of the economic crisis.
Travis Piercuy, owner and manager of Prairie Bailiff Services, has seen an increase in business between 65% and 70% and he says the picture doesn't look promising for Albertans who can't make payments.
"I don't think we've bottomed out yet," said Piercuy, a Calgary-based civil enforcement bailiff.
"It seems to get busier and busier in my end of it and I don't think we're heading the other way yet, unfortunately."
Piercuy, who operates as far away as Fort McMurray, says he's been in the business for a decade now and he has not seen this kind of escalation in repossession.
The majority of what's being repossessed are vehicles, mostly owned by people between age 21 and 38, who used to work in the oil and gas industry.
With the downturn in the construction business, trades workers such as carpenters are also being affected.
"A lot them just over-extended themselves," said Piercuy.
During the boom times, some of these trade workers purchased expensive construction tools, although what they had been using in the past five years were still in good shape, said Piercuy.
"The people that are still working are the guys with older equipment, who have seen this coming and prepared for it."
The misfortune of falling to financial hardship is now creeping to smaller businesses and smaller companies, such as cabinet makers, said the bailiff.
Between 2007 and 2008, bankruptcies in Alberta have increased 24.8%, according to Bankruptcy Canada.
In 2007, a total of 5,217 bankruptcies were declared, rising to 6,513 in 2008.
Recession means business for 'repo man' in Alberta
Repossession business is flourishing all over the province as Albertans struggle to make debt payments because of the economic crisis.
Travis Piercuy, owner and manager of Prairie Bailiff Services, has seen an increase in business between 65% and 70% and he says the picture doesn't look promising for Albertans who can't make payments.
"I don't think we've bottomed out yet," said Piercuy, a Calgary-based civil enforcement bailiff.
"It seems to get busier and busier in my end of it and I don't think we're heading the other way yet, unfortunately."
Piercuy, who operates as far away as Fort McMurray, says he's been in the business for a decade now and he has not seen this kind of escalation in repossession.
The majority of what's being repossessed are vehicles, mostly owned by people between age 21 and 38, who used to work in the oil and gas industry.
With the downturn in the construction business, trades workers such as carpenters are also being affected.
"A lot them just over-extended themselves," said Piercuy.
During the boom times, some of these trade workers purchased expensive construction tools, although what they had been using in the past five years were still in good shape, said Piercuy.
"The people that are still working are the guys with older equipment, who have seen this coming and prepared for it."
The misfortune of falling to financial hardship is now creeping to smaller businesses and smaller companies, such as cabinet makers, said the bailiff.
Between 2007 and 2008, bankruptcies in Alberta have increased 24.8%, according to Bankruptcy Canada.
In 2007, a total of 5,217 bankruptcies were declared, rising to 6,513 in 2008.