The number of bankruptcies across the country was 43 per cent higher in September than at the same point a year ago, government data shows.

The latest figures provided by the Office of the Superintendent of Bankruptcy Canada show the increase is disproportionately slanted towards consumer bankruptcies over business insolvencies. The September figure for the former was up by 45.5 per cent in the last year; the latter by only 1.6 per cent.
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“It’s got to do with unemployment,” he said. “It’s consumer driven in part because unemployment continues to rise, which makes it hard to keep up with bills. But companies are better structured to handle the recession because they weren’t as debt-addled as consumers,” he said.

Source/Full Story: CBC
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