In 2008 the rate of personal bankruptcy and consumer proposal filing increased by 16.2%. Consumer bankruptcies increased from 31,439 in 2007 to 36,200 in 2008 for an increase of 15.1%.
The number of consumer proposals filed in Ontario also had a significant increase, from 11,974 in 2007 to 14,242 in 2008, an increase of 18.9%.
Ontario’s overall increase of 16.2% was comparable to the rate of increase in Canada of 17%.
It appears that the rate of increase in 2009 will be even greater than in 2008. In the first three months of 2009 the number of personal bankruptcies filed in Ontario increased by 37.7% as compared to the first three months of 2008, and the number of consumer proposals filed increased by 48%, the largest increase on record in recent years.
2008 Ontario Bankruptcy Statistics
According to statistics released by the Office of the Superintendent of Bankruptcy, the personal bankruptcy rate in Ontario increased in 2008, as seen in the chart below. As the chart indicates, the personal bankruptcy rate in every Ontario cities increased.
|Ontario Cities||2007||2008||Rate of Increase|
Please click here for 2007 Bankruptcy Ontario Statistics.
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