In statistics just released by the Ontario Superintendent of Bankruptcy this week, Consumer Proposals are on the rise in Cambridge.
Here are some of the main points:
In the first 6 months of 2010 there were 21,133 Consumer Proposals filed in Canada. Alternately in the first 6 month of 2011 there were 22,975 Consumer Proposals filed. Which is a total increase of 1842 Consumer Proposals in the first 6 months in 2011, Canada wide.
Bankruptcies are down a total of -11% in Cambridge: In the first 6 months of 2010, 349 personal bankruptcies were filed in Cambridge, however this year 311 bankruptcies have been filed in the first 6 months which makes for a -11% decline. Cambridge appears to be consistent with the rest of Ontario.
Why the decline in personal bankruptcies you may ask? I feel the main reason is as follows
People are becoming more aware of the possibility of filing a Consumer Proposal, which allows you to pay back a portion of your debt at a more affordable rate. If consumers have an alternate option to filing a bankruptcy they will take it where possible.
The statistics also show the increase of Consumer Proposals in the first 6 months of 2011 in Cambridge as well. Between January 2010- and June 2010; 141 Consumer Proposals were filed in Cambridge. Between January 2011- and June 2011- 150 Consumer Proposals were filed in our city.
If you are feeling a struggle with your personal finances and are seeking your options we would be happy to meet with you to discuss your options. Contact us at our Cambridge Office at 519-622-3773
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