Posted on Monday, March 31, 2008You, Bankrupt: New Study Reveals That the Average Bankrupt Looks Like You and MeWhat do you think a bankrupt person looks like? Do you think they are unemployed and "down and outs"?I personally compiled statistical data on everyone who recently filed personal bankruptcy or a consumer proposal with Hoyes Michalos, and in our just released study, The Face of Bankruptcy - You May be Similar to the Typical Bankrupt Person, we reveal that the average bankrupt looks very much like the average Canadian.  Joe Debtor, as we call the average bankrupt, is a male, 42 years old. He has one dependent living with him, either a spouse or a child. His take home pay is about $2,071 a month. Even though we call him Joe Debtor, almost half of all bankrupts are female, and they range in age from their early twenties to over 80 years old. The average bankrupt has total unsecured debt of over $51,100, including $18,335 owing on credit cards, $13,365 on bank loans and lines of credit, and $5,276 in taxes owing. Our study shows that 33% of these individuals stated that lay-off or reduced incomes contributed to their financial problems, 16% stated that a relationship break up was a primary cause, and 40% admitted that they were over-extended and mismanaged their finances. Most Canadians in financial difficulty are good, hard working people, but due to divorce, job loss and over use of credit are forced into bankruptcy. They do not follow the typical stereotype of the average bankrupt; in fact, they look like the average Canadian. If you have more debts than you can handle, you are not alone. Call us today at 310-PLAN (that's 310-7526, no area code required in Ontario), or e-mail us to arrange a free initial consultation. Labels: bankruptcy ontario, bankruptcy statistics Posted by J. Douglas Hoyes, CA, Trustee @ 5:44 AM
Posted on Friday, March 21, 2008Personal Bankruptcy Rate Increases in Ontario in 2007 The number of personal bankruptcy and consumer proposals filed in Ontario reached a record 42,434 in 2007, an 8.2% increase over 2006 levels. That total is made up of 31,409 people who filed personal bankruptcy in Ontario in 2007, an increase of 5.2% over 2006, and 11,025 people who filed a consumer proposal in Ontario in 2007, an increase of 17.5% over 2006 levels. Canada wide personal bankruptcies were up less than 1%, and consumer proposals increased by 10.6%. It appears that places with a large manufacturing base, like Windsor, suffered more than places like downtown Toronto, were most jobs are in the service sector. Detailed statistics by city can be found on our personal bankruptcy statistics page, and more analysis can be found in our 2007 personal bankruptcy statistics analysis. As the economy continues to worsen, we will probably see increasing bankruptcy rates in 2008. If you are experiencing financial problems, don't be a statistic; call us today at 310-PLAN, or e-mail us to arrange a free initial consultation. Labels: bankruptcy ontario, bankruptcy statistics Posted by J. Douglas Hoyes, CA, Trustee @ 3:25 PM
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