Government support measures and payment deferrals from creditors are keeping Canadian consumers afloat, resulting in the biggest year-over-year decline in insolvencies dating back to 1988.

Filings declined 51 per cent to 6,111 in May, according to data released Thursday by the Office of the Superintendent of Bankruptcy Canada. That’s also the lowest total volume since 2000.

Insolvencies, which include bankruptcies and proposals, were down 8.8 per cent from April.

It’s the third straight month of declining insolvencies and points to the relative success of government intervention at stemming the damage from mandatory stay-at-home orders.

Prime Minister Justin Trudeau’s government has doled out $174 billion in direct spending so far, with programs including emergency cash benefits and wage subsidies for employers. That, along with payment deferrals from lenders on mortgages and other loans, is giving borrowers extra breathing room to meet obligations until the economy is back up and running.

In May, the OSB recorded 2,047 bankruptcies and 4,064 proposals on the consumer side. Business filings were also down sharply in May, plunging 39 per cent from a year earlier to 193, though they rose 18 per cent on the month.