Big Drop in Canadian Bankruptcy Filings
Hopefully this is an indication of things to come in the U.S. According to officials in Canada, personal bankruptcies have dropped nearly 30% from just one year ago, a sign officials hope means the Canadian economy is recovering quickly. While this information doesn’t guarantee the same for the United States, it does bode well since both economies are so closely linked. All Headline News reports more:
Another indicator that Canada’s economy is fast recovering was confirmed Tuesday as the Office of the Superintendent of Bankruptcy Canada reported personal bankruptcies went down 28.4 percent in October from the previous month.
If business bankruptcies are included, the decline is by 27.7 percent. That is a big turnaround as earlier this year when consumer bankruptcies soared to an 18-year old high as thousands of Canadians were laid-off from work.
Insolvencies, which counts bankruptcies and proposals, also dipped by 19 percent compared to the previous month, marking the largest month-to-month decrease since December 2007.
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