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 rapidly rising unemployment.
“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 people in Canada declared themselves insolvent in January, an increase of 23.1% from the same month in 2008.
For the 12-month period ending on Jan. 31, 2009, 117,704 consumers had declared themselves insolvent, a 16% year-over-year jump. [Read the rest of the story]
i hope it gets better. i hope.