Personal Bankruptcy Rates in Toronto Area Continues to Decline
The number of Insolvencies (Personal Bankruptcies + Consumer Proposals + Division I Proposals) filed in the Toronto area has, according to the statistics from the Superintendent of Bankruptcy, been steadily decreasing since 2009.
However, the actual number of Personal Bankruptcies filed in the Toronto area during the same period, has decreased at an even faster rate:
In the Toronto CMA, between 2007 and 2012, Personal Bankruptcies went from 64.1% of Insolvencies filed to 39.9%.
This is due to increasing rates of Consumer Proposals and Division I Proposals – which since the introduction of new rules in 2009, have become more viable options for many people.
Note: while proposals may be a better choice in the majority of situations, Personal Bankruptcy may be the only option for some people.
Which Option is Best for You?
Only by reviewing your finances with a bankruptcy trustee will you know for certain which debt removal option is best for you.
If you are considering Personal Bankruptcy or a proposal and you live in the Toronto area, you are welcome to call us at 416-498-9200 to book a free consultation at one of our 6 GTA offices.
Our caring, licensed professionals will review your finances in detail and discuss all of your options for getting out of debt.
