Posted under Bankruptcy & Bankruptcy Kitchener & Consumer Proposal
Individuals across Canada are struggling in this economic recession as evident by the increase in Personal Bankruptcies. The Office of the Superintendant of Bankruptcy released statistics for the 12 month period ending March 31, 2009 and in Ontario, consumer filings (personal bankruptcies and consumer proposals) are up 25.2% over the prior 12 month period. Despite the diverse economy we have in Kitchener-Waterloo, the city’s increase is at 24.4%. When comparing the first 3 months of 2009 to 2008, the increase in the Kitchener market is 36%, which is mostly lead by personal bankruptcies which increased 48.6%.
In Canada, the Bankruptcy and Insolvency Act was established to give the honest but unfortunate debtor a fresh start. A recession limits an individual’s ability to deal with their debts. What is making this year even more difficult is that it appears the banks are not able to help as many people restructure as they had in the past.
If you are felling overwhelmed do to your situation during this recessionary time, know that you are not alone and there are options available to you. You can e-mail us or call our Kitchener office at 310-PLAN (7526).
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