Canadian Bankruptcies Soar in October

by Jordan Yerman | December 5, 2008 at 09:56 am

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Personal bankruptcy claims have skyrocketed in Canada, jumping 22.8% in October compared to the same period last year.

If this is affecting you, or if it's about to, check out Service Canada's bankruptcy resource page (Gov't site, not spam).

The Office of the Superintendent of Bankruptcy Canada said a total of 9,468 bankruptcies were filed in October by consumers and businesses – a 7.2 per cent increase from September and a hefty 21.1 per cent jump from the same month in 2007.

This is personal bankruptcy we're talking about: businesses fared a bit better.

The report showed 8,972 consumers filed for personal bankruptcy in October. That was up 7.5 per cent from September and 22.8 per cent higher than in the same month a year earlier.

Bankruptcies filed by businesses totalled 496, just 1.4 per cent higher than September's number and actually down 3.3 per cent from October 2007.