In statistics just released by the Office of the Superintendent of Bankruptcy, the number of personal bankruptcies filed in Brantford between January and June of this year fell by 13% as compared to the same period last year. In the first six months of 2005 188 individuals filed bankruptcy; that number fell to 163 in the first six months of 2006.
The number of consumer proposals also fell dramtically, from 64 in 2005 to 52 in the first six months of 2006 in Brantford, for a drop of 20%. (A consumer proposal is an alternative to bankruptcy where you make payments over time to deal with your debt).
Combining both numbers the rate of personal insolvency fell by 15% in Brantford. Of all major cities in Ontario, only London (at 16%) and Peterborough (at 27%) experienced larger declines. In all of Ontario personal insolvencies fell by 5%, so Brantford is well ahead of the average.
While it is impossible to know for sure why the bankruptcy rate is falling in Brantford we believe it is because interest rates remain relatively low, making it easier to continue servicing debt, and because the employment picture in Brantford and surrounding areas has improved.
However, as interest rates continue to increase, and if the economy begins to slow down, the bankruptcy rate in Brantford may once again resume it’s upward trend.
If you are experiencing financial problems and don’t want to become a statistic, feel free to call our office in Brantford at (519) 770-4440 or 310-PLAN or e-mail us for more information or to set up a no charge initial consultation.
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