Personal Bankruptcy Filing Rate Increases in Ontario in 2008
The Office of the Superintendent of Bankruptcy reports that the number of consumer bankruptcies increased by 15.1% in 2008, and the number of consumer proposals increased in Ontario 2008 by 18.9%. In 2008, 36,200 Ontario residents filed personal bankruptcy, and 14,242 Ontario residents filed a consumer proposal, for a combined 50,442 consumer filings, the largest number on record. This follows aa decline in the number of consumer filings in 2006, and a moderate increased of 8.2% in 2007
The rate of growth in consumer filings in 2008 was slightly higher than the Canadian average of14.3% overall growth.
Cities with a combined manufacturing and service sector were hardest hit. London consumer filings increased by 22.7%, followed by Windsor at 21.3% and Kitchener at 19.6%. Toronto experienced a 15.4% increase.
The rate of filing increased significantly in the fall and winter of 2008 as the impact of the credit crisis and stock market crash hit all sectors of the economy, and further increases are expected in 2009.
For many residents of Ontario a consumer proposal or a personal bankruptcy may be the only logical solution to their money problems in 2009.
For more information on personal bankruptcy statistics for 2008 see our article bankruptcy statistics for 2008 and 2007, with detailed personal bankruptcy statistics for major cities in Ontario.