Bankruptcies in Canada rose 22% in February compared with the same month a year earlier, the Office of the Superintendent of Bankruptcy reported Thursday.There were 9,495 bankruptcies filed in the month, compared with 7,774 in February 2008.Most were individuals, with 9,020 consumer bankruptcies in February. The number of business bankruptcies fell, to 475 from 569.Compared […]
Consumer bankruptcy filings shot up by 50% in December 2008 from the same month a year earlier, the Office of the Superintendent of Bankruptcy Canada said Monday.The number of people across the country who made bankruptcy filings in December was 7,821. That was down from 8,163 in November 2008, but well ahead of the 5,192 […]
Weaker economy coupled with high personal debt levels drives increase
But clients must be aware that there are several conditions if the assets are to be protected in the case of bankruptcy
Personal bankruptcies 19% higher than a year ago
New laws could alter profile
Thanks to a change in legislation, the choice of whether or not to declare bankruptcy to get rid debt in retirement has become a lot easier.A bill amending the Bankruptcy and Insolvency Act will protect registered savings plans and income funds from the hands of creditors. The bill (C-12) has been passed into law but […]
Tighter job market, higher interest rates will bring gradual increase in the number of bankruptcies
All bankruptcy proceedings between Enron and Credit Suisse have now been resolved
An increasing number of Canadians are only one or two missed paycheques away from financial disaster