www.personalbankruptcycanada.ca">Personal Bankruptcy Canada: As of the quarter ending December 31, 2011, total consumer insolvencies decreased from 135,008 in 2010 to 122,999 in 2011, a decrease of 8.9%. Overall, bankruptcies in Canada were down 15.9 percent, while consumer proposals were up nearly 6.4 percent in compared to the same quarter in 2010, according to data newly released by the Canadian Office of the Superintendent of Bankruptcy.
The government agency’s report states that overall personal bankruptcies in Canada decreased from 92,694 in 2010 to 77,993 in 2011, and consumer proposals, which are court-approved debt repayment arrangements allowed for by a provision in Canada’s Bankruptcy and Insolvency Act, increased from 42,314 in 2010 to 45,006 in 2011.
The largest reductions in personal bankruptcies across the provinces occurred in Manitoba (-19.4 percent), Newfoundland (-17.5 percent), Nova Scotia (-11.2 percent), Alberta (-7.6 percent), and Quebec (-5.3 percent). And, filings of consumer proposals grew the most in Prince Edward Island (+56.3 percent), British Columbia (+19.3 percent), Alberta (+10.7 percent), Quebec (+4.9 percent), and Nova Scotia (+2.0 percent). Only Nova Scotia showed an overall increase in consumer insolvencies for the time period.
“While we are still experiencing a difficult economy and high levels of personal debt in Canada, bankruptcies continue to show a steady decline,” said David Smith, Trustee in Bankruptcy, and co-founder of Personal Bankruptcy Canada, Inc. “To me, this says Canadians are truly taking hold of their financial future by exploring all available options for debt management, including consumer proposals.”
Consumer proposals are filed with the Canadian courts through a Trustee in Bankruptcy. If accepted, the proposal allows individuals and businesses to pay down their debt at a reduced rate over time without filing for bankruptcy.
About Personal Bankruptcy Canada
Personal Bankruptcy Canada is a leading resource for Canadian debt and bankruptcy information. Its national network of independent professional trustees in bankruptcy, located throughout the Canadian provinces and territories, are dedicated to helping Canadians overcome and resolve debt and financial problems.
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