Cambridge Bankruptcy Statistics

I meet with about a dozen people every week in my Cambridge office, and most of them are amazed to find out how many people get into financial trouble in Cambridge.

The Office of the Superintendent of Bankruptcy is a division of the federal government, and every year they publish statistics showing how many people file for bankruptcy. Unfortunately, the government includes Cambridge as part of the Kitchener-Waterloo Region, so no-one knows exactly how many people file for bankruptcy in Cambridge.

Douglas Hoyes - Cambridge Bankruptcy TrusteeDouglas Hoyes, CA

Well, that’s not exactly true. I know, and I’m going to tell you. Every year I get a summary of all personal bankruptcies, listed by postal code. We then add up all of the numbers for the postal codes in Cambridge to determine how many people file a personal bankruptcy in Cambridge, or a consumer proposal in Cambridge.

Here are the results:

In 2005, 347 individuals filed a personal bankruptcy in Cambridge, and 141 people filed a proposal, for a total of 488 people.

In 2006, 372 people went bankrupt in Cambridge, and 134 proposals were filed, for a total of 506.

In 2007, 396 people went bankrupt in Cambridge, and 137 proposals were filed, for a total of 533.

In 2008, 477 people went bankrupt in Cambridge, and 214 proposals were filed, for a total of 691.

In 2009, 634 people went bankrupt in Cambridge, and 283 proposals were filed, for a total of 917.

In 2010, 425 people went bankrupt in Cambridge, and 274 proposals were filed, for a total of 703.

This means that both bankruptcies and proposals decreased in 2010, and overall the personal insolvency rate decreased by 23% in Cambridge in 2010. Here’s the break-down by postal code for 2010:

Bankruptcies continued to decrease, and consumer proposals in Cambridge continued to increase in the first six months of 2011.

What does this mean? It means if you are in financial trouble, you are not alone. Last year over 700 people just like you experienced financial problems caused by job loss, marriage break-up, medical problems, or over-spending, and they filed bankruptcy or a consumer proposal to give them a fresh start.

I look forward to meeting with you to work out a plan to deal with your debts, so call me at (519) 622-3773 or e-mail me to arrange a free initial consultation. There is help available, so give me a call, and let’s get started.

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