In 2007, 301 residents of Guelph filed personal bankruptcy, an increase of 13% from the 267 people who filed in Guelph in 2006. In addition, a further 115 Guelph residents filed a consumer proposal, an increase of 5% from 2006.
This dramatic increase in the number of consumer proposals and bankruptcy filings in Guelph
follows four years of relatively good results, as can be seen in the chart.
The unemployment rate rose to its highest level since 1997, with 5.7% of the Guelph work force out of work in 2007. Employment levels declined and the poor labour market resulted in fewer people looking for work, driving the participation rate to a 5 year low.
If the unemployment picture remains poor, the bankruptcy rate could increase again in Guelph in 2008 as well.
Despite these high numbers, there is hope. You don’t have to become a statistic. If you are thinking about filing bankruptcy in Guelph, call my Guelph Bankruptcy Office at 310-PLAN or e-mail me a question. I can explain why people file bankruptcy in Guelph, but more importantly I can help you review your options and decide if bankruptcy is the correct solution for you and your family.
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