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How many people go bankrupt in Cambridge each year? That’s a hard question to answer, because the Office of the Superintendent of Bankruptcy (the "OSB") in Ottawa does not publish statistics for Cambridge. They include Cambridge in the results for Kitchener, so it’s impossible to know from their published statistics exactly how many people go bankrupt in Cambridge each year. Fortunately, there is a way to find out. Every year I request a summary of bankruptcies and consumer proposals by postal code from the OSB. Each year they send me a summary of by postal code (they don’t send me the names of the people who filed; just the number per postal code). |
We then take that information and add up all the numbers. You can see the results on a postal code map by going to our Bankruptcy Cambridge Statistics page. Here are the results:
In 2007 there were 396 individuals that filed personal bankruptcy in Cambridge, and another 128 Cambridge residents filed a consumer proposal. There were another 9 commercial proposals filed (filed by people, not corporations in most cases), for total filings of 533 people in Cambridge, Ontario in 2007.
That’s an increase of 5.3% from last year, which is slightly less than the Ontario increase of 8.2%, but worse than the 2.5% increase in all of Canada.
By way of perspective, there were 1,109 personal bankruptcies and proposals filed in Kitchener and Waterloo, so there are about half as many personal insolvencies filed in Cambridge as compared to Kitchener.
Of course statistics don’t matter; all that matters is your personal situation. I publish these bankruptcy statistics for one simple reason: to show you that you are not alone.
If you would like to discuss your options, please call my Cambridge office at 519-622-3773 or 310-PLAN, or e-mail me a question and my staff will set up a meeting so that I can personally review your situation, because you are a person, not a statistic.
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