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Fewer Canadians declare bankruptcy

Published by Steve Coleman on January 11, 2012

Canadians have gotten a lot more careful with their money in the last year.

The number of people who declared personal bankruptcy fell 8.1 per cent Canada-wide, compared to 2010. In Ontario, the bankruptcy rate fell 11.2 per cent.

Even with the decrease, 124, 886 Canadians filed either a personal bankruptcy or consumer proposal last year.

"The decreasing bankruptcy rate is great news for Canadians, as the economy appears to be improving, and unemployment remains moderate" Douglas Hoyes, a bankruptcy trustee with Hoyes, Michalos & Associates Inc. said in a news release.

More consumers are also opting to negotiate the amount they owe creditors, rather than file bankruptcy. Personal bankruptcy filings decreased by 16.7 per cent, 14.2 per cent, and 15 per cent over the last three months. Consumer proposal filings have increased 7.4 per cent, 7.0 per cent, and 7.4 per cent, respectively.

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