More and more Albertans are deciding they just can't pay their bills and declaring personal bankruptcy.
The latest statistics from the Office of the Superintendent of Bankruptcy in Canada, a department within Industry Canada, shows that 667 bankruptcies were declared in the province in October, an increase of 50 per cent compared to the same month last year.
That brings the number of bankruptcies filed during the 12-month period to 6,024, an increase of 16 per cent from October 2006 to October 2007.
Few of those bankruptcies are of businesses.
Businesses only accounted for 428 of the bankruptcies between October 2007 and October 2008. In fact, bankruptcies by consumers were up 18 per cent during that period, while business bankruptcies were down seven per cent.
Almost 9,000 individual Canadians filed for bankruptcy in October, an increase of 22 per cent compared to the same month last year.