The Office of the Superintendent of Bankruptcy released statistics yesterday which show a decline in the number of Hamilton residents who filed for personal bankruptcy during the first quarter of this year as compared to the same period last year. The report breaks down the numbers by province and even by Census Metropolitan Area including Hamilton.
The figures for the Hamilton area show that there were 372 personal bankruptcies filed during the period which is down by 22.5% from the 480 who filed a personal bankruptcy during the same time last year. It is also important to note that the numbers are down from the last quarter of 2010 as well from 474 or 21.5%. This continual decline would suggest that things are looking better for Hamiltonians.
While the rate of bankruptcy filings is decreasing, the rate of Hamiltonians filing consumer proposals rose by 43.5% from 308 to 442 during the first quarter of this year as compared to the same period last year. A consumer proposal is a legal process where you make a negotiated settlement with your creditors to repay a portion of your debt with affordable monthly payments over a period of no more than 5 years. With the new bankruptcy laws introduced in September 2009, consumers are opting to file a proposal as a more viable option to filing a bankruptcy. This remains true in our Hamilton offices as we are meeting more and more people lately that are choosing to file a consumer proposal.
Doug Hoyes from our firm commented in the Hamilton Spectator this morning that “the positive view is that the economy is better and people are more confident about their ability to pay a settlement”. He continued that “there’s no doubt some of that feeling is around because the economy is better than it was in the depths of 2008”.
Although it would appear that the economy is getting better, we understand that there are still a great number of Hamiltonians that are struggling with their debts. If you find yourself in this situation, give us a call to book a free initial consultation to review your situation and let us help you develop a plan to deal with your financial situation. Bankruptcy is not the only option; a consumer proposal might me in your best interest. Give us a call today in our Hamilton office at 905-777-0770 or send me an email and let’s get started on a plan to provide you with a fresh start.
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