Bankruptcy Rate in Guelph Increases By More Than Any Other Large City in Ontario in The First Half of 2007

Over the last few months I have noticed a significant increase in the number of people calling our Bankruptcy Guelph information line 310-PLAN, and now I know why.

In statistics just released by the Office of the Superintendent of Bankruptcy, the number of Guelph residents filing personal bankruptcy increased from 126 in the first half of 2006 to 161 in the first six months of 2007.

That’s a 28% increase, and that’s the largest increase of any major city in Ontario.

Ted Michalos, Trustee

Also on the increase are consumer proposals, increasing by 5% in Guelph so far this year.

While it’s impossible to precisely explain this increase, since I file more bankruptcies and consumer proposals than any other trustee in Guelph, I believe I have a good idea why we are seeing such a large increase in bankruptcies in Guelph.

I am meeting with an ever increasing number of people who have either lost their jobs or had their overtime cut back, and that creates financial pressure. Many residents of Guelph are home owners, and with the increase in interest rates over the past year that has led to higher mortgage payments, which is also a problem for many people.

My job is to explain to you your options, and help you work out a plan to deal with your debts, so please give me a call in Guelph at 310-PLAN or e-mail me if you’d like to discuss your financial situation. I would be pleased to help you develop a plan to deal with your debts, and give you a fresh start.