Today the Office of the Superintendent of Bankruptcy Canada issued the consumer insolvency statistics for December 2010. Consumer insolvencies (personal bankruptcies) were down compared both to the prior month and to the prior December.

Since September of 2010 the monthly figures have been running below 2009 and 2008 levels, but still above the levels recorded in 2007 (prior to the recession).

Here’s a chart for the same period.

For the same period here’s a chart showing personal bankruptcies compared to the unemployment rate for the same period.

From the chart it is evident that bankruptcies have dropped more than unemployment, but still remain elevated compared to pre-recession levels.

And the long term chart (for bankruptcies) going back to the beginning of 1991.

It’s interesting to compare the data for Canada to the data from the United States. Calculated Risk has posted a chart for annualized personal bankruptcies going back to 1996 (note the abrupt change from 2005 to 2006 is due to a change in American bankruptcy legislation). Here’s the US chart (from Calculated Risk, not me).

And for comparison here’s the Canadian chart for the same period.

Just looking at the period since the recession period, bankruptcies in Canada have eased off from their highs compared to the US figures.