The Globe and Mail reports in its Tuesday edition that Canadians filed for insolvency in the second quarter at the highest levels in over a decade, according to the Office of the Superintendent of Bankruptcy. The Globe's Olivia Grandy writes that the OSB data shows 37,523 Canadians filed for insolvency in the second quarter, marking a 6.9-per-cent increase from last year and the highest quarterly volume since 2009. There were 402 more insolvencies than in the first quarter, continuing the trend of two consecutive quarters above 2009 levels, the highest year for consumer insolvencies. Insolvencies are rising due to high consumer credit-card and tax debt. Many Canadian homeowners are also burdened by heavy borrowing from the 2010s housing boom. Consumer insolvency lawyer Scott Terrio says during the boom, "everybody was going crazy and using their equity to pay their unsecured debts off. ... So we didn't really have a reckoning." Consumer insolvency filing numbers from the OSB include both bankruptcies and consumer proposals. A consumer proposal is an agreement that allows people to extend payments over a longer period of time, while a bankruptcy means individuals may be required to forfeit assets to pay their debt.