The number of Canadian individuals filing for bankruptcy or consumer proposals dropped by 15.6 per cent in July compared to the previous month but were 3.5 per cent higher year-over-year.

The latest data from the Office of the Superintendent of Bankruptcy Canada shows that every province showed a decrease in the month but on a year-over-year basis there were some sharp rises.

Although Nunavut and Yukon saw the largest percentage rises in the 12 months to the end of July 2016, the actual numbers were small; 50 in Nunavut and 10 in Yukon.

In Alberta the percentages are high along with the actual numbers, rising 35.5 per cent to 12,180.

Quebec, Ontario, BC and New Brunswick all saw a drop in insolvencies in the year ending July 31 2016 while there were increases in Newfoundland and Labrador, Saskatchewan, PEI, Nova Scotia, Manitoba and Northern Territories.

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