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Currently Playing: Does Canada have a personal bankruptcy problem? | About That

In the first three months of the year, Canadian consumer insolvencies shot up to levels seen during the 2009 recession. Andrew Chang puts this data into perspective and examines what may be driving the trend. Intro - 00:00 How to declare bankruptcy - 00:59 Things are still bad - 05:22 CORRECTION (May 15, 2026): At the 0:24 mark of this video, the title for Doug Hoyes should read 'Hoyes Michalos and Associates.' CORRECTION (May 19, 2026): At 4:26 in this video, the years in the bar graph are mistakenly inverted. In fact, the graph should show 2009 at 0.15% and 2026 at 0.11%. (Photo credits: The Canadian Press, Reuters, Adobe Stock and Getty Images) »»» Subscribe to CBC News to watch more videos: http://bit.ly/1RreYWS For breaking news, video, audio and in-depth coverage: https://www.cbc.ca/news Follow CBC News on TikTok: https://www.tiktok.com/@cbcnews Subscribe to CBC News on Snapchat: https://bit.ly/3leaWsr Subscribe to CBC News on WhatsApp: https://www.whatsapp.com/channel/0029Vb6MSjH9Bb63S9tbQa1Y Download the CBC News app for iOS: http://apple.co/25mpsUz Download the CBC News app for Android: http://bit.ly/1XxuozZ »»»»»»»»»»»»»»»»»» For more than 80 years, CBC News has been the source Canadians turn to, to keep them informed about their communities, their country and their world. Through regional and national programming on multiple platforms, including CBC Television, CBC News Network, CBC Radio, CBCNews.ca, mobile and on-demand, CBC News and its internationally recognized team of award-winning journalists deliver the breaking stories, the issues, the analyses and the personalities that matter to Canadians.