Good News – Bankruptcy rate drops in Barrie

You may be wondering what good news could be coming from the bankruptcy barrie blog. Well, yesterday The Office of the Superintendent of Bankruptcy (OSB) released the stats for the 1^st 6 months of the year so I’m writing this blog to share some of the good news for people in Barrie that came out of the stats.

While the total number of consumer insolvencies (consumer proposals and personal bankruptcy) remain around the same for the Barrie region. Last year after the 1^st six months of the year  there were a total of 1,209 total consumer insolvencies and this year there were 1,196 for a 1% decrease.

Now you’re asking where the good news is. Well the good news is personal bankruptcies have decreased quite a bit in the area, in 2010 there were 701 people that filed bankruptcy in Barrie during the 1^st six months or the year and in 2011 only 569 people have filed during the 1^st 6 months of the year for a decrease of 19%.

2 major reasons for the decrease in bankruptcy filings in Barrie are:

-          Barrie is starting to recover from the recession and jobs are coming back

-          People in Barrie are starting to realize that consumer proposals are a good way to eliminate your debts rather than filing for bankruptcy

Last year in Barrie, during the 1^st 6 months, 508 consumer proposals were filed as compared to 627 during the same period this year for an increase of 23%.

The main reasons for the increase in consumer proposals are:

-          People are getting back to work

-          People can afford to pay some, just not all of their debts

-          2009 changes to the BIA regarding surplus income

-          More people are starting to hear about consumer proposals as a viable option compared to bankruptcy

We @ Hoyes Michalos & Associates have a lot of experience helping people put together consumer proposals to their creditors and over 95% of our consumer proposals are accepted by the creditors. Also, remember that only a licensed trustee in bankruptcy is qualified to administer consumer proposals.

If you are in need of some assistance to help with your debts, give us a call @ 310-PLAN (no area code required) or call 705-719-4948 and book a free consultation so I can go through all of your options with you. You can also fill out a free online evaluation and someone will get right back to you.

Tagged as: Bankruptcy Barrie, bankruptcy in ontario, bankruptcy increase, bankruptcy questions, bankruptcy stats, Barrie bankruptcy, barrie consumer proposals, Consumer Proposals, consumer proposals in Barrie, Credit Counselling Service of Simcoe County, debt management, Hoyes Michalos & Associates Inc., Jason Quinney, proposals in Barrie, Richard Quinney, surplus income