The most recent consumer insolvency (aka personal bankruptcy) statistics from the Office of the Superintendent of Bankruptcy Canada for May 2010 show an 8% decrease from the prior month (7,918 filings in May vs 8,633 in April 2010) and a 20% year over year decline (there were 9,900 filings i  May 2009).

Here’s the year to date data.

Here’s a graph of the data since January 1991.

It’s interesting to contrast this chart with the most recent personal bankruptcy data for the USA posted at Calculated Risk which shows bankruptcies continuing to rise, up 9% year over year. Keep in mind the most recent US data is for July 2010 while the most recent Canadian data is for May 2010 (I really don’t know why the Canadian data is released so much later). Also the data in CR’s chart is quarterly, not monthly.

Still, it gives a good idea of the contrast. One has to wonder though if the divergence will continue (can continue?) given the closeness of the economies and the state of the real estate market in Canada.