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Bankruptcy

: Hoyes Michalos and Associates Ontario Personal Bankruptcy Blog

Personal Bankruptcy Rate Increases in Ontario in 2007

By J. Douglas Hoyes, CA, Trustee

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The number of personal bankruptcy and consumer proposals filed in Ontario reached a record 42,434 in 2007, an 8.2% increase over 2006 levels.

That total is made up of 31,409 people who filed personal bankruptcy in Ontario in 2007, an increase of 5.2% over 2006, and 11,025 people who filed a consumer proposal in Ontario in 2007, an increase of 17.5% over 2006 levels.

Canada wide personal bankruptcies were up less than 1%, and consumer proposals increased by 10.6%. It appears that places with a large manufacturing base, like Windsor, suffered more than places like downtown Toronto, were most jobs are in the service sector.

Detailed statistics by city can be found on our personal bankruptcy statistics page, and more analysis can be found in our 2007 personal bankruptcy statistics analysis.

As the economy continues to worsen, we will probably see increasing bankruptcy rates in 2008. If you are experiencing financial problems, don?t be a statistic; call us today at 310-PLAN, or e-mail us to arrange a free initial consultation.

Full post as published by Hoyes Michalos and Associates Ontario Personal Bankruptcy Blog on March 21, 2008 (boomark / email).