Bankruptcy Rate in Hamilton Declines

by Billy Martell on September 7, 2011

The Office of the Superintendent of Bankruptcy has once again released current statistics for bankruptcy and consumer proposals filings in Canada including the Hamilton region. The most current numbers released are for the second quarter of 2011 and detailed information can be found on our Bankruptcy Canada or Consumer Proposal Canada sites.

In the Hamilton area the total number of filings increased slightly by 1% but the good news for Hamiltonians is that the rate of bankruptcy filings for the first 6 months of 2011 compared to 2010 was down by 20%. More specifically, only 689 people filed a bankruptcy as compared to 859 people during the same time last year. The increase in total comes for the increase in consumer proposal filings of 35% or 735 filings this year compared to 546 last year.

So why is this good news you may ask? The decrease in the number of people filing a bankruptcy would suggest that more people in Hamilton are now working and they are able to manage their debts. The decrease could also be attributed to the bankruptcy rule changes that came into effect in 2009 making the period of time a person is bankrupt longer and much more expensive when a person has income in excess of the government guidelines. In situations where a person has decent income but still cannot manage to pay all their debts as required or on time or the cost of a bankruptcy is high due to surplus income requirements, I would suggest filing a consumer proposal.

If you find that you are struggling with your debt, remember that you are not alone. The important thing is that you seek help from a professional such as a licenced Trustee in bankruptcy and avoid debts consultants who will likely charge you thousands of dollars in fees only to refer you to a Trustee. For a free, no obligation consultation, please do not hesitate to call me at 905-777-0770 or email me.

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