Canadian Bankruptcies up 21%

Bankruptcies in Canada numbered 9,468 in October, up 7.2 percent from September and 21.1 percent from October 2007, with the pain concentrated among individuals, the Canadian Press reported today. The office of the federal Superintendent of Bankruptcy reported yesterday that 8,972 consumers filed for bankruptcy in October, up 7.5 percent from October and 22.8 percent from a year earlier. Business bankruptcies totalled 496 for the month, up 1.4 percent from the previous month but down 3.3 percent from the year-ago corporate toll. Proposals--formal offers to creditors in an effort to avert bankruptcy--totalled 2,646 nationally in October, up 12 percent from September and 27.2 percent from October 2007, the superintendent's office reported. Read more.