During 2012 about 47,381 individuals living in Ontario, got out of debt through a licensed trustee in bankruptcy. Of that number 24,145 filed Consumer Proposals, and 23,236 more filed for Bankruptcy.
The picture across Canada was very similar; a total of 118,398 individuals filed for assistance through a trustee in bankruptcy, 71,495 of them made assignments into Bankruptcy and 46,903 filed Consumer Proposals.
For many people with debt problems, Bankruptcy is still a very good option. Bankruptcy is almost always cheaper and faster than a Consumer Proposal.
There are a lot of myths about trustees in bankruptcy – get the facts contact us through our website at fixmydebt.ca or call 519-646-2222 toll free 855-771-7222 or email [email protected] for a FREE, no obligation, consultation.
Canadians owe about $1,200,000,000,000.00 on household mortgages and about $928,000,000,000.00 on unsecured debt.
There are 74,000,000 bank issued VISA and Master Card credit cards in circulation in Canada with a total of $365,640,000,000.00 owed on the bank issued cards alone.