Seniors Turning To Payday Loans A Scary Trend

Posted in In The News
Posted by Ted Michalos, BA, CPA - LIT

With an unsecured debt of $69,031, seniors aged 60 and over carried the highest overall debt of any age group; 22% more than the average Joe Debtor.  Almost half of this debt was credit card debt, but what concerns me even more is the propensity of seniors to increasingly turn to payday loans as a […]

Joe Debtor: At-Risk Canadians Drawn Into Cycle of Debt

Posted in In The News
Posted by J. Douglas Hoyes, CA, CPA, LIT, CIRP, CBV

Our newest Joe Debtor study reveals that, for a core group of Canadians, debt is a survival tool. Yes, insolvency rates in Canada and Ontario have declined. In Canada, total personal insolvencies (including personal bankruptcy and consumer proposal filings) declined 0.5% in 2014. At the same time Ontario insolvencies fell 7%.  Yet certain at-risk groups […]

CBC Interview: What is Bankruptcy Like?

Posted in In The News
Posted by J. Douglas Hoyes, CA, CPA, LIT, CIRP, CBV

I was interviewed on Sunday March 29 on CBC Television on their CBC News Sunday program. As the recession continues, personal bankruptcy in Canada is increasingly in the news. Bankruptcy rates are up, so the CBC wanted to do a story on how bankruptcy affects the average person that files bankruptcy. I have done many […]

Bankruptcy Coverage in the Media

Posted in In The News
Posted by J. Douglas Hoyes, CA, CPA, LIT, CIRP, CBV

The 1-866-747-0660 helpline at Hoyes, Michalos & Associates has been "ringing off the hook" for the last few months, as an ever increasing number of people in financial difficulty place the call for help. As companies lay off workers, and as the real estate market collapses, an ever increasing number of people are in financial trouble. […]