Benny Mendlowitz: Bankruptcy Trustee and Consumer Proposal Administrator
As we expected, the overall number of Canadians filing for bankruptcy or a consumer proposal fell during this period by about 8%. The interesting twist is that during this same time period, the number of people using a consumer proposal to deal with their debt problems increased by 7%.
The numbers in Toronto are similar. Overall, filings are down 11% while consumer proposals are up 4%.
What does this all mean? A drop in the total numbers is good news. Unemployment seems to have steadied and the economy appears to be slowly improving. Canadians are turning to consumer proposals to settle their debts. It is an excellent alternative to bankruptcy.
For all the government’s bankruptcy and consumer proposal statistics, visit their website.
For more information about how we can help you with filing a consumer proposal or bankruptcy, contact Hoyes Michalos by visiting our Hoyes Michalos website or calling us at 310-PLAN (310-7526), no area code required.
You must log in to post a comment.