Posted on Friday, February 18, 2005Bankruptcies Increase in Ontario in 2004The Superintendent of Bankruptcy's office today released the statistics for the number of people that filed for bankruptcy in Ontario and Canada in 2004. Our full commentary can be found at in our 2004 report.In Ontario in 2004 personal insolvency filings (bankruptcies and proposals) increased by a modest 2%. The rate of filing increased by 4.8% in Toronto, higher than the Ontario increase due to lingering effects early in the year from 2003 events such as SARS and the higher Canadian dollar. Kitchener was also hit hard, with an increase of 9.7%. While the increases were moderate, we worry that this might be The Calm Before the Storm if interest rates increase in 2005. We urge consumers to pay down their debt. If their debt is already too high to handle, please give us a call at 310-PLAN (no area code required) and we would be pleased to walk you through your options for dealing with your debts. Posted by J. Douglas Hoyes, CA, Trustee @ 12:28 PM
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