Personal bankruptcy filings in October were up more than 20-per cent from a year earlier. The good news is it could've been worse, I suppose. The bad news is that it's bound to get worse.
With about 71,000 new unemployed last month and far more workers at risk of the same fate, they'll start working their way through the system soon, very soon. As a former bankruptcy practitioner, I know how this unfolds.
The good news is that corporate bankruptcies increased just 1.4% over the previous month. The bad news is that corporate bankruptcies typically slow down during the holiday season and then skyrocket as retail businesses close down in the new year. Watch as those stats come rolling in beginning around February.
The good news is that this would be a great time to review the efficacy of Canada's banking and bankruptcy laws. The bad news is that Harper and the Governor-General thought this would be a dandy moment to shut down parliament.