Bankruptcies up 25% in 2009

Bankruptcy filings increased by more than 25 per cent in 2009, official data revealed Wednesday.

In the 12-month period up to Dec. 31, 2009, there were 121,801 bankruptcies across the country, well above the 96,774 filed during the same period last year, the Office of the Superintendent of Bankruptcy Canada said.

On top of the bankruptcy filings, there were also 36,640 proposals to creditors, a 38.5 per cent increase over last year. A proposal to creditors is an official plan to repay a debt on less onerous terms than the original loan, but an alternative to a formal bankruptcy filing.

Read more: http://www.cbc.ca/money/story/2010/03/03/bankruptcy-statistics-2009.html#ixzz0h8IIb9zm
 

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