Home -> Law Blog Directory -> Bankruptcy Blogs -> Hoyes Michalos and Associates Ontario Personal Bankruptcy Blog

Bankruptcy

: Hoyes Michalos and Associates Ontario Personal Bankruptcy Blog

Massive increase in personal bankruptcy rate in Ontario

By J. Douglas Hoyes, CA, Trustee

The personal bankruptcy rate continues to grow. 2008 was a record year for personal bankruptcies, and 2009 has started at an even faster rate of growth, according to statistics just released by the Office of the Superintendent of Bankruptcy.

Consumer bankruptcy filings in 2008 increased by over 16% in Ontario in 2008. For the twelve months ended March 31, 2009 personal insolvencies increased by over 25% in Ontario.

Comparing the first three months of 2009 to the same period last year, personal bankruptcies in Ontario are up by 38%, and consumer proposals are up by 48%, for an overall growth rate of 41%.

Comparing March 2008 to March 2009, personal bankruptcy in Ontario was up by 60%, and consumer proposals increased by 67%. Overall the personal insolvency rate in Ontario was up by over 62%.

Here are the growth rates for various cities in Ontario for the first quarter of 2009, as compared to the first quarter of 2008:

• Toronto +39.9%
• Hamilton +47.2%
• St. Catharines - Niagara + 23.1%
• Kitchener +36.0%
• Brantford +38.7%
• Guelph +49.1%
• London + 62.5%
• Windsor+39.5%
• Barrie + 61.5%

The statistics are clear: personal bankruptcies in Ontario continue to increase at an ever faster rate. Despite what you may hear in the media, there is no sign of an economic recovery yet when you look at these numbers. Times are tough, and they will continue to be difficult until the economy truly recovers.

What should you do? Read our five tips to survive the recession. Reduce your debt. Cut your expenses and live as inexpensively as possible.

If you have more debt than you can handle, call us at 310-PLAN, or send us an e-mail and we will explain your options, and help you make a plan to deal with your debts. You are not alone.

Full post as published by Hoyes Michalos and Associates Ontario Personal Bankruptcy Blog on May 12, 2009 (boomark / email).