Author Archives: Sharon Hoyes

After falling fairly significantly for the past two months, insolvency statistics (Canadian bankruptcy and consumer proposal filings) increased again in April.  The increase was small, only 3.7% higher than the year before. On a year to date basis, total consumer insolvencies are still 5.5% below last year’s levels largely reflecting…

Canadian consumer bankruptcies in February 2013 were 14% lower than they were a year earlier, continuing their downward trend. Consumer proposals also declined, down 7% year over year. The decline is likely more a reflection of higher personal earnings and low interest rates than it is recent, and small, improvements…

Total Canadian consumer insolvencies (both bankruptcies and consumer proposals) edged up slightly in January 2013 as people continue to struggle with unmanageable debts. Total insolvencies increased 4.5% compared to the same month a year ago.  The largest growth came from higher consumer proposals – up more than 10% from a…

After serving on an interim basis since September 30, 2011, William James was officially appointed yesterday as Superintendent of Bankruptcy.  Mr. James is responsible for the  Office of the Superintendent of Bankruptcy Canada (OSB). The OSB is the regulatory agency that oversees Canada’s bankruptcy and insolvency process including the administration of bankruptcies and…

Despite continuing to carry high debt loads, less Canadians filed personal bankruptcy in 2012. Personal consumer insolvencies, both bankruptcies and proposals, declined almost 4% across Canada. This is the third year in a row that total proposals and personal bankruptcies in Canada dropped after peaking at almost 152,000 in 2009….

Canadians have gotten the message: pay off debt faster. Equifax Canada’s National Credit Trends report found that not only are Canadians borrowing less but they are missing fewer payments. This is good news. It shows that more and more Canadians are taking control of their debt. “Throughout 2012, we continued…

It seems Canadians continue to run on the debt treadmill.  We are spending our way further into debt and few Canadians seem to be focusing on debt reduction as a top priority. In statistics released today, Statistics Canada reported that household consumption (ie spending) grew by 1% in the third…

In some good news, the number of consumer insolvencies showed an overall decline in Canada for August 2012. The Office of the Superintendent of Bankruptcy Canada reported consumer insolvencies (bankruptcy and consumer proposals) for the 12-month period ending August 2012 were 5.1% lower when compared with the same period the…