What are the characteristics of the average person who files bankruptcy in Ontario? Look in the mirror. It is likely that you have more in common with the average bankrupt than you may think. Since we last studied “Joe Debtor” in 2008 we have suffered through a serious recession, and in 2009 bankruptcy rates hit record levels. The rate of bankruptcy filings declined slightly in 2010, but threatens to creep upward in 2011 if the economic recovery falters. With these changes, has the profile of the average person who files bankruptcy changed?
To answer that question, Hoyes Michalos is pleased to present the updated 2011 version of Joe Debtor, The Face of Bankruptcy. Please use the navigation menu on the left hand side of this page to access the complete study, charts, and analysis or download our full report in pdf format.
In 2008, Douglas Hoyes and Ted Michalos where the only independent trustees asked to testify before the Senate Standing Committee on Banking, Trade and Commerce in Ottawa to provide their commentary on the proposed new bankruptcy rules. (You can view the videos of our Senate appearance on the Hoyes Michalos Senate Video Testimony page).
Douglas Hoyes and Ted Michalos Testify Before Senate Committee
Doug and Ted brought a simple message to Parliament: financial problems affect everyone: male and female, young and old. To support this view, Hoyes, Michalos & Associates Inc. presented their findings to the Senate, and then a month later published their landmark 2008 study, The Face of Bankruptcy. Our updated study shows that things have not changed significantly. While debt levels may have increased, the risks facing the average Canadian debtor remain high.
