Number of personal bankruptcies in Toronto up by 22.2% in just three months

[shockedcanadian]

Police states always fail and the average citizen pays the freight for their rackets.

Bend down and kiss your asses goodbye T.O, right after you kiss the ring finger of the Creepy Ones. A well deserved outcome for bankrupt, $800M budget short Toronto!

Number of personal bankruptcies in Toronto up by 22.2% in just three months​

Number of personal bankruptcies in Toronto up by 22.2% in just three months | News

Bankruptcies across Canada have seen a general spike, but things are looking particularly bad for Toronto this fiscal quarter.

dailyhive.com

Bankruptcies across Canada have seen quite the spike, but things are looking particularly bad for the residents of Toronto this fiscal year.


New bankruptcy and insolvency data released by the Office of the Superintendent of Bankruptcy Canada (OSB) shows that Torontonians filed 666 personal consumer bankruptcies and 2,834 debt settlement proposals in the second quarter of 2022.


This type of proposal denotes an offer to creditors to settle debts under conditions other than the existing terms. As per the OSB, this proposal is a formal agreement under the Bankruptcy and Insolvency Act.

 

[DGS49]

Not to get too deeply into the weeds, but how does Canada's bankruptcy law deal with residential loans (mortgages) where the buyer is under water? Can they stay or do they have to liquidate and leave?

 

[shockedcanadian]

Not to get too deeply into the weeds, but how does Canada's bankruptcy law deal with residential loans (mortgages) where the buyer is under water? Can they stay or do they have to liquidate and leave?

I'm not sure but I believe it depends if it was an investment property or their primary residence. Also, were the loans secured or not.

Ultimately, this is all horrible news for Canadas economy, even Christmas is now a bust here. Canadians are going to spend drastically less money this year based on a survey, which is going to further crush our weak police state economy.

America better be wise to avoid being too close to Canada, the party we had, heavily reliant on U.S investment; is soon to be over, I don't care what the loyalists try to say.

 

[DGS49]

I personally favor just making all the provinces into States. But the frogs will have to speak English or Spanish, like it or not.

BTW, there would be no Constitutional objection to having a PROVINCIAL socialized medicine system. We leave that shit up to the individual States.

Welcome aboard!