Total consumer insolvencies, both bankruptcy and consumer proposals, declined in August 2013 in Ontario. Files were down 8.4% compared to August 2012 and down the same amount over the 12 month period ending August 2013. This was the fourth consecutive month that Ontario bankruptcies and proposals have declined on a year over year basis.
“This would be good news if it were to represent a decline in the level of debt carried by Ontarians” says Doug Hoyes, a bankruptcy trustee with Hoyes, Michalos, “however it is more a reflection of the fact the many have been able to return to work during our slow recovery and are surviving due to low interest rates”.
More bankruptcy statistics can be found at Insolvency Statistics August 2013.