The number of insolvency files jumped by a third in January
There were 8735 consumer insolvency filings in January.
The total number of insolvency filings in Canada in January was up about a third from the same month last year, the Office of the Superintendent of Bankruptcy said Wednesday.
According to the federal regulator, there were 9,066 insolvencies in the first month of the year, which was up 33.7% from 6,779 cases in January 2022.
The increase came as rising interest rates pushed up borrowing costs and inflation raised the cost of living and weighed on Canadians' household budgets. .
The number of consumer insolvency cases for the month increased by 33.0% over the previous year.
There were 8,735 consumer insolvency filings in January, including 1,859 bankruptcies and 6,876 proposals.
This result compares to 6,566 insolvency filings by consumers in January 2022, when there were 1,768 bankruptcies and 4,798 proposals.
< p class="e-p">Corporate insolvency filings for January increased by 55.4% over the previous year, totaling 331, compared to 213 in January 2022.