Bankruptcies in Canada
Featured

Bankruptcies Down in 2010

The total number of Canadian businesses and individuals claiming bankruptcy dropped 11.5 per cent in 2010 compared to the previous year, new data released Friday shows.

The Office of the Superintendent Of Bankruptcy Canada said consumer insolvencies were 11 per cent lower last year over 2009, while commercial insolvencies declined by 22.3 per cent.

The term insolvency refers to people who undergo formalized bankruptcy proceedings, but also those who make a proposal to creditors — an attempt to pay back the terms of a loan under newer, less onerous terms. It is generally less rigid than a formalized bankruptcy process.  Read More…

Replies to this Post

  1. Lyndon Pettinger says:

    I am still amazed there are sooooo many people that go into bankruptcy. It is usally because they buy more than their needs and get so excited by having new credit that they forget that they have to pay it all back.

    They are lucky we have renegotiations with creditors or there would be even more bankrupts in a year.

  2. Kale Wedemire says:

    Things are turning for the better. Now if we can just get the Leafs to win just one cup we will be back in business 😛

  3. Talia B. says:

    I misread this and thought it was concerning businesses. I assumed there would have been more claims for businesses than individuals seeing as how 2008 was the worst turn for Canada for the past 25 years.

  4. Charlie Hardwick says:

    that’s huge. 11% is a dramatic fall. I wonder what happened? The article didnt go into specifics. I understand that the economy is improving but still. Maybe they are getting jobs and are being more responsible and cleaning their record.

  5. Bradly Martine says:

    Its really no surprise since more and more collectors are looking to work with people to work out an agreement (proposals) rather than see their money lost completely.

  6. Keyon R. says:

    Its interesting that they hide the little detail that we are still up compared to our 2008 period. But take the success where you can get it right?

  7. Rasheed says:

    Still doesnt solve the underlying problem of better education for ones finances.

  8. Mara Lawhead says:

    Although there was a clear improvement it still indicates people are still filing at a higher rate than 2009. It is just that they end up not being absolute bankruptcies, just proposals.

  9. Laurie Robins says:

    Everyone needs to watch Maxed Out to get a clear picture of why bankruptcies are so high with individuals compared to corporations.

Leave a Reply

Your email address will not be published. Required fields are marked *