Almost every person that I consult with about a personal bankruptcy or proposal has unique circumstances or a personal story as to how they ended up unable to pay their debt. Accordingly, I don’t like to compare one person’s situation to another. I listen, accumulate information, and provide debt relief solutions. For the debtor, it sometimes makes it easier for them to be able to compare their situation to others who have filed an insolvency. They like to feel that they are not alone and that others have been able to move forward to a better financial state.
The OSB issued their Canadian Consumer Debtor Profile 2021 (https://www.ic.gc.ca/eic/site/bsf-osb.nsf/eng/br04667.html) that provides details on the characteristics of a debtor who filed a personal bankruptcy or consumer proposal. Of the 90,092 consumer insolvency filings in 2021:
- 51% were male and 49% were female
- 42% were single and 34% were married/common law
- The average age was 46 and there were 2 people in the household
- Median income was $2,566 per month
- Only 16% owned their own home
- Median debt was $45,770 with 86% of debtors having credit card debt of $12,330
- 53% of debtors had bank loans owing a median amount of $11,300
- The most common reason for financial difficulty was loss of income
If you are struggling with debt, reach out to me to tell me your story. In a free consultation, we will review your financial situation with no judgment and explore solutions to provide you a fresh start.
By Kathy Lenart – Insolvency Partner, Licensed Insolvency Trustee
CPA, CA, CIRP
Member and Secretary of the Ontario Association of Insolvency
and Restructuring Professionals (OAIRP)
Canadian Association of Insolvency and Restructuring Professionals (CAIRP)
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