SENIORS GOING BANKRUPT IN DROVES
You have heard the sensational reports on CBC radio. Certainly scoring airtime for some trustees but is it true?
CBC Radio is once again airing a misleading report from an Ontario trustee firm that suggests that seniors are filing for bankruptcy in alarming numbers.
In short, this information is inaccurate, myopic, and quite sensational. The fact is that 60% of Canadian adults are now aged over 50 and the demographic most likely to file insolvency proceedings is still much younger – in the 25-50 age group.
If seniors filing for bankruptcy were merely following demographic trends we would expect them to represent 60% of insolvency filings not 30%. Accordingly, demographically speaking, seniors are underrepresented in insolvency statistics.
According to the Office of the Superintendent of Bankruptcy:
“It is also important to note that while the insolvency rate of individuals over the age of 65 has increased over the past decade, it still remains well below the national average.”
Regardless of your age if you are experiencing unmanageable debt problems we can help – call us for a free consultation.