CIBC Forecasts Bankruptcy rate jumping in ‘07
The CIBC in a June 12, 2006 Report noted the fall in bankruptcies to the end of April this year.
The report forecasts that personal bankruptcies, which hit the lowest level in seven years in the past few months, are expected to rise slightly in 2006 and could mushroom next year because of higher interest rates and a slowing economy.
The bank’s economist, Benjamin Tal, said in the report:
“While we expect the overall bankruptcy numbers in 2006 to rise very moderately, it seems that even this optimistic assessment should be revised downward. The most likely scenario is that we will see little change in the number of bankruptcies in 2006 and a 3%-5% increase in 2007”
For information on historic bankruptcy statistics please refer to this website.
