OTTAWA — Consumer bankruptcies in Canada spiked sharply in January, the beginning of what credit experts warn could be a wave of bankruptcies this year that are the inevitable result of a rapidly rising unemployment rate.
"We're not even close to the filings we saw in 2004," said Bruce Alger, president of Alger & Associates, a bankruptcy trustee with several offices in Alberta. "We've got a ways to go yet." More than 10,700 consumers in Canada declared themselves insolvent in January, a jump of 23.1 per cent compared to the same month in 2008. For the 12-month period ending January 31, 2009, 117,704 consumers had declared themselves insolvent, a 16 per cent year-over-year jump.
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Tuesday, March 24, 2009
"Consumer bankruptcies spike in January," Financial Post, March 24, 2009.
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No one in the media ever mentions that the bankruptcy laws in Canada are about to change big time and this may be adding to the problem. Shoddy MSM is what we have.
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