Canada Consumer, Business Bankruptcies Poised to Rise

There will be a steady upward march in personal and business bankruptcy filings in Canada as overspending and falling home prices catch up with individuals and as a slowing economy hurts businesses, Reuters reported yesterday. Canada's Office of the Superintendent of Bankruptcy said last week that total bankruptcies in September jumped 28.4 percent from the same month a year earlier. Individual bankruptcies were up nearly 30 percent nationwide, but businesses also posted a 9 percent increase. Economists at Bank of Montreal said this year-over-year surge in consumer bankruptcies marks the fastest rise since the mid 1990s. Read more.