Bankruptcies down, but more Consumer Proposals in Sarnia

by Joel Sandwith on September 7, 2011

The Office of the Superintendent of Bankruptcy has just released it’s report on bankruptcy statistics for the first six months of the year – and generally, it’s pretty good news.

Here in Sarnia, the total number of people who filed bankruptcies or proposals fell by 7% – this is possibly very good news and may be an indicator that some of the worst parts of the recession from 2008 are coming to an end.  Even better news is that of those who needed this type of financial help, more were able to do consumer proposals than last year.  In the first six months of 2010,  there were 61 consumer proposals and 157 bankruptcies in the Sarnia area.  In 2011, bankruptcies fell to only 129 while there were 73 proposals filed.  Proposals now account for more than 1/3 of all ‘insolvencies’.  A consumer proposal is an option under the Bankruptcy And Insolvency Act which can allow for a partial repayment of debt, while avoiding bankruptcy.  The fact that more people are choosing this option is very positive.

These statistics are mirrored across the country – in Canada bankruptcies fell by 15.5% while proposals grew by 8.7%.   If you’d like to see more detailed statistics about bankruptcy numbers outside of Sarnia, have a look at Bankruptcy Canada.  To see how consumer proposals have grown across the country, have a look at these statistics on consumer proposals.

Why are people choosing proposals more often now than in the past?  Well, in some cases it’s because people would like to try and repay part of the debt.  In many cases, it’s because people CAN repay part of the debt and may not need a personal bankruptcy to resolve their debts.   Also, a consumer proposal can help you avoid the pitfalls that can sometimes happen in bankruptcy – for example in a proposal you can keep your home and cars, and won’t have to have your income measured each month, pay ‘surplus’ penalties, or lose your income tax refund.

If you’d like more information on all of the options that are available to you, please contact us, toll free at 1-866-747-0660 or locally in Sarnia at 519-344-1058, and let’s get started on a plan.

 

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