For the first time in history, there were more consumer proposals filed in Brantford than personal bankruptcy filings.
In the first six months of 2011, there were 279 consumer proposals filed, as compared to only 253 personal bankruptcies.
For comparison, in the first six months of 2010 there were 206 consumer proposals filed, and 350 personal bankruptcies in Brantford.
That means that personal bankruptcies dropped by 28%, while consumer proposals increased by 35%.
These numbers show that Brantford residents have high enough income to negotiate a settlement on their debts, but they can’t afford to repay their debts in full.
If Brantford’s economy continues to improve, these numbers may decrease. However, as long as there are debts, it’s likely that Brantford residents will continue to explore the consumer proposal option for dealing with their debts.
For comparison purposes, in bankruptcy Canada statistics proposals also increased, as you can also see in bankruptcy Ontario statistics, and Canada consumer proposals statistics, but the rate of increase of consumer proposals was larger in Brantford than most other areas in Canada.
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