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Bankruptcies soar in September

Submitted by on November 21, 2009 – 2:15 pm
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concept of bankruptcyThe number of Canadians going bankrupt in September jumped by 36 per cent from the same time last year, indicating that for many, the recession is far from over.

The figures were released yesterday by the Office of the Superintendent of Bankruptcy Canada.

In Hamilton, that rate was 36.5 per cent.

An alarming 1,975 people in Hamilton and the Niagara peninsula filed for either bankruptcy or a consumer proposal (debt management plan with creditors) in September.

Doug Hoyes, an area bankruptcy trustee, called the increase "massive" and said consumers need to curb spending and pay off debts

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Bankruptcies soar in September

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