David Sklar & Associates Inc.

Consumer Proposal & Bankruptcy Trustees
Serving the Greater Toronto Area

Bankruptcy in the Greater Toronto Area – You Are Not Alone

Many of the people, who come to us about Bankruptcy, believe they are alone in their financial distress. They are not. Each year, thousands of people, from all walks of life, file for Bankruptcy in the Greater Toronto Area.

Bankruptcy is the last choice for dealing with overwhelming debt. However, it is an essential, legal option that is available to ‘honest but unfortunate debtors’ who have reviewed their financial situation with a Licensed Bankruptcy Trustee.

The following statistics show how many Bankruptcies were filed in the GTA in the years 2008 and 2009. Note: these statistics come from the Office of the Superintendent of Bankruptcy Canada.

To give you an idea of how diverse the types of people who file for Bankruptcy are, we have included a chart that shows by age and gender, the percentage of consumers who filed for Insolvencies in Ontario in 2009. Note: Insolvencies include both Bankruptcies and Proposals.

2008:

	Bankruptcies Filed by Consumers			2008
Toronto (CMA*)	2008	2007	% Change	Assets Declared at the Time of Filing ($)	Liabilities Declared at the Time of Filing ($)
Bankruptcies	12,208	10,597	15.2%↑	$599,051,577	$1,346,769,762
*Census Metropolitan Area

2009:

	Bankruptcies Filed by Consumers			2009
Toronto (CMA*)	2009	2008	% Change	Assets Declared at the Time of Filing ($)	Liabilities Declared at the Time of Filing ($)
Bankruptcies	15,423	12,208	26.3%↑	$1,066,722,736	$2,105,734,292
*Census Metropolitan Area

2010:

At the time of this writing, the Bankruptcy statistics for the entire year of 2010 are not complete.

Ontario Consumers Who Filed for Insolvencies (Bankruptcy & Proposals) in 2009:

Province of Ontario - Consumer Debtors Profile Distribution of Insolvency Files (%) – Year of 2009
Age Group (Years)										Gender
18 to 24	25 to 29	30 to 34	35 to 39	40 to 44	45 to 49	50 to 54	55 to 59	60 to 64	65 and older	Female	Male
3.8%	9.1%	12.8%	14.3%	14.4%	14.5%	11.5%	8.1%	5.5%	6.0%	47.6%	52.4%

You Are Not Alone

Bankruptcy is not the only answer to overwhelming debt. However, if it is the choice you have to make - you are not alone.

We Can Help

If you are considering Bankruptcy, or are uncertain about how to handle your overwhelming debt – and you live in the Greater Toronto Area, call us to book a free, no-obligation consultation with a Certified Professional who will explore all of your options with you.