We are working with more and more Canadians to help them reduce their debt, and hopefully, avoid bankruptcy by filing consumer proposals, among other options.
Calgary, Alberta (PRWEB) February 20, 2012
According to quarterly data reported by the Canadian Office of the Superintendent of Bankruptcy, total overall bankruptcies were down 10.1 percent in the third quarter of 2011 compared to the second quarter of that same year. For the year ending September 2011, bankruptcy filings continued to decrease, -14.2%, while consumer proposal filings, again, were on the rise, showing an increase of 7.0% for the same time period.
The report states overall personal bankruptcy in Canada decreased from 20,696 in the second quarter of 2011 to 18,611 in the third quarter. Across the Canadian provinces, the largest reductions in personal bankruptcies occurred in Nunavut (-33.3 percent), Ontario (-10.9 percent), Quebec (-9.7 percent), Alberta (-9.3 percent), and Newfoundland/ Labrador (-8.7 percent).
“The latest data shows a steady trend in Canada that bankruptcy is on the decline and Canadians are taking more control over their financial future,” said David Smith, Trustee in Bankruptcy, and Co-Founder of Personal Bankruptcy Canada, Inc. “We are working with more and more Canadians to help them reduce their debt, and hopefully, avoid bankruptcy by filing consumer proposals, among other options.”
Consumer proposals are court-approved debt repayment arrangements allowed for by a provision in Canada’s Bankruptcy and Insolvency Act. During the third quarter of 2011, the number of consumer proposals filed increased more than six percent over the second quarter.
The proposals are filed with the Canadian courts through a Trustee in Bankruptcy. If accepted, the proposals allows individuals and businesses to control their debt without filing bankruptcy, and at the same time, pay a portion of their debt, which is agreed upon by their creditors, over a pre-determined period of time.
For additional information about Canadian bankruptcies and consumer proposals, visit http://www.PersonalBankruptcyCanada.ca
About Personal Bankruptcy Canada, Inc.
Personal Bankruptcy Canada, Inc. is a leading resource for Canadian debt and bankruptcy information. Its network of independent professional trustees in bankruptcy, located throughout the Canadian provinces and territories, are dedicated to helping Canadians overcome and resolve debt and financial problems.