Personal Bankruptcies up 50%

Personal Bankruptcies up 50%

“Stunning’ increase reflects debt trap that’s snaring thousands of Canadians, and it likely will get worse”

Consumer bankruptcies led the rise, spiking by 50.1 per cent year over year to 7,821 people, one of the biggest year-over-year jumps in history, according to some observers. “I can’t remember an increase like that. That’s kind of blown it off the charts, frankly,” said Douglas Hoyes, a bankruptcy trustee with Hoyes, Michalos & Associates Inc. “I would have said maybe a 25 to 30 per cent increase based on our call volumes. But 50 per cent? That’s stunning.””

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