Bankruptcies in Niagara: The number of personal consumer and business bankruptcies in a region is a measure of whether individual or business finances are healthy and able to withstand difficult times. Personal consumer bankruptcy rates for our area went up from 2009 to 2010 and down in the first quarter of 2011. Personal bankruptcies were up 10% in Niagara from 2006 to 2007; and 32 % in number of claims 2007-2008. The St. Catharine’s- Niagara CMA bankruptcy rate is close to the middle of all municipalities inCanada. In Ontario, Windsor, and London have more than our region and Kitchener, Hamilton, Ottawa, Kingston and Toronto have lower bankruptcy rates.
Business bankruptcy rates went down 2009-2011 in Canada, but the St. Catharines- Niagara CMA had the fourth highest business bankruptcy rate inCanada of 25 municipalities. From 2007 to 2008, business bankruptcies were down to a 25 year low in Canada, but Niagara had an increased number of business bankruptcies filed, up by 11.5%; topped only by Oshawa in the province of Ontario.