In the first six months of 2010, 306 residents of the City of Brantford filed a consumer proposal or personal bankruptcy. If that pace of filing remains consistent for the balance of this year that would project out to 612 filings for the year, which would be about 13% less than the 701 filings in Brantford in 2009. Here is a map showing where the filings have occurred, by postal code:
Why have the number of bankruptcy filings in Brantford dropped this year? The obvious explanation is that the economy in Brantford has improved since last year. In many respects that’s true; unemployment levels remain stable, and with interest rates remaining low, we are more able to pay the interest on our debts. That’s good news for Brantford.
What lies ahead? I predict that as the government releases bankruptcy numbers over the next few months the bankruptcy rate will continue to remain at these improved levels. July and August will show lower levels than last year. As long as unemployment rates and interest rates remain low, the bankruptcy rate will remain lower as well. That’s good news.
Here’s more good news: the number of Brantford residents filing consumer proposals continues to increase. Of the 306 filings so far this year, 113 of them, or 37%, were consumer proposals. As time goes on the percentage of proposals filed will continue to increase, and that’s also good news, because most people prefer a consumer proposal as an alternative to bankruptcy.
To find out more about consumer proposals, feel free to e-mail me, or call us in Brantford at (519) 770-4440 to arrange a no charge initial consultation and I’ll explain your options, and help you decide which option will work best for you.
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