Wednesday, 14 October 2015

In the News: Who is Filing for Bankruptcy? A lot of Seniors it Seems

With Canadian consumer debt on the rise, it is no surprise that filing for bankruptcy has become a popular form of debt relief. The ability to combine all debts and make one monthly payment, as well as the ability to halt collection calls and collection action, has proven to be quite appealing for a vast number of people.

Accordingly, a vast array of individuals from diverse demographics are choosing this option -but which group is most likely to go this route? According to a recent CBC News article, it seems a lot of seniors are filing for bankruptcy as a way to get relief from debts that have piled up.

The article states, “According to a review of 6,000 insolvency filings handled…in 2013 and 2014, the share of debtors aged 50 and over increased to 30 per cent compared with 27 per cent in the previous two-year period,” with credit cards and payday loans representing the debts of highest concern.

The report also found that seniors and those in pre-retirement have accumulated the highest unsecured debt load among all age groups: “On average, debtors 50 and older filing for insolvency had $68,677 in unsecured debt, while those over 60 had total unsecured debt of $69,031.”
You can read more about this here: http://www.cbc.ca/news/business/seniors-in-ontario-make-up-30-of-bankruptcies-report-1.3060463.

Furthermore, according the Globe and Mail, several factors have contributed to this, including the higher number of personal loans being granted to adult children. For seniors with children, a loan to a child has become quite common, and although intentions may be good, often these loans go unpaid, leaving parents in a position of financial strain.

Additionally, seniors are the ones with the highest unpaid tax bills owed to the Canada Revenue Agency. Read more on this here:  http://www.theglobeandmail.com/globe-investor/personal-finance/household-finances/growing-number-of-seniors-account-for-ontarios-insolvency-filings-study/article24236617/.

This rising senior debt, coupled with the fact that income is generally less in the post-retirement years, has led many seniors to turn to trustees for assistance. And this isn’t a bad idea in theory. Why start retirement owing more that you can afford to pay? The only problem is that, without understanding the process in detail, many turn directly to those trustees, rather than to a representative.

Why is this an issue? Bankruptcy trustees are looking out for the interests of creditors, not just the person filing. However, a personal representative, one with the debtor’s interests in mind, can ensure protection throughout the process, lessening the risk.

If you are worried about debt in your retirement years, a fresh start thanks to filing for bankruptcy may just be the answer. Just make sure that you are protected. Call DebtCare today. We represent you - not your creditors, and can work towards a fair and objective result. 1-888-890-0888.


9 comments:

  1. Do you need an urgent loan or financial assistance? Do you want to
    start a new business or you want to clear off your debt? We offer easy
    approval and fast transfer to capable customers under a low interest
    rate. Apply now and change your life contact Mr Johnson on lukejohnson@charitycorporationafrica.com

    ReplyDelete
  2. HOW I GOT A LEGIT LOAN WITHIN THREE DAYS OF APPLYING @ 2% INTEREST RATE

    Do you need a loan to pay debt, Pay bills, buy a new home and refinance your business? if yes, contact VICTORIA LAWSON LOAN FIRM VIA email: marianlawson@outlook.com for easy and fast loan amount transfer. When i could not face my debt and i need a hug money for hospital bills, to get a home improvement and to refinance i came on line to search for lender and i met how VICTORIA LAWSON had help several person. i immediately contact her company with my details and my loan amount was approve within 48hours and i receive the credit in my bank. contact VICTORIA LAWSON LOAN FIRM with (marianlawson@outlook.com) For fast approved loan.

    *Full Name:_________

    *Address:_________

    *Tell:_________

    *loan amount:_________

    *Loan duration:_________

    *Country:_________

    *Purpose of loan:_________

    *Monthly Income:__________

    *Occupation__________

    *Next of kins :_________

    *Email :_________

    Contact her company Via Email: marianlawson@outlook.com

    ReplyDelete
  3. How I Was Rescued By A God Fearing And Trusted Lender {Lexieloancompany@yahoo.com}..

    Hello, I am Andrew Thompson currently living in CT USA, God has bless me with two kids and a lovely Wife, I promise to share this Testimony because of God favor in my life, 2days ago I was in desperate need of money so I thought of having a loan then I ran into wrong hands who claimed to be loan lender not knowing he was a scam. he collected 1,500.00 USD from me and refuse to email me since then I was confuse, but God came to my rescue, one faithful day I went to church after the service I share idea with a friend and she introduce me to LEXIE LOAN COMPANY, she said she was given 98,000.00 USD by MR LEXIE , THE MANAGING DIRECTOR OF LEXIE LOAN COMPANY. So I collected his email Address , he told me the rules and regulation and I followed, then after processing of the Documents, he gave me my loan of 55,000.00 USD... well if you are interested in a loan you can as well contact him on this Email: Lexieloancompany@yahoo.com or call/sms on: +18168926958 thanks, I am sure he will also help you.




    ReplyDelete
  4. Do you need a business loan? Our company name is zion financial services limited, we give out loans to interested customer that are seeking for loans to improve their businesses, we can assist you with a loan up to €15 Million euros. we offer loans at 3% interest rate. We can help you by lending you money, to start up a business or expand your existing business, we also offer personal loans, auto loans, business loans, mortgage loans, agricultural loans, or a loan for any reason etc. If you need a loan today contact us. We can lend up to 15 million euros. Email us to apply: zionloanfirm.ltd@gmail.com

    ReplyDelete
  5. EDWARD JONES FINANCE IS THE BEST PLACE TO GET A LOAN {Jonesloanfinance@yahoo.com} Text +1(307) 241-3712,
    God bless you sir, I will not stop telling the world about your kindness in my life, I am a single mum with kids to look after. My name is Emily Thomas and I am from Convention Center Drive, Miami Beach, FL . A couple of weeks ago My friend visited me and along our discussion she told me about EDWARD JONES FINANCE, that they can help me out of my financial situation, I never believed cause I have spend so much money on different loan lenders who did nothing other than running away with my money. I have been in a financial mess for the pass 7 months now, She advised I give it a try so I mailed him and explain all about my financial situation to him, he therefore took me through the loan process and gave me a loan of $390,000.00 at a very low interest rate of 2% and today I am a proud business owner and can now take good care of my kids, If you must contact any firm to get any amount of loan you need with a low interest rate of 2% and better repayment schedule, please contact EDWARD JONES FINANCE email:- {Jonesloanfinance@yahoo.com} OR Text +1(307) 241-3712 or go to there page on jonesloans.bravesites.com

    ReplyDelete
  6. Harry Lugard ATM HACKERS DEL AÑO DIRECCION DE CORREO ELECTRONICO (harrylugard150@gmail.com) ¡SU EN ELLA OTRA VEZ! MANERA FRESCA DE TENER LIBERTAD FINANCIAl !!! ESTÁN CANSADOS DE VIVIR UNA POBRE VIDA, AQUÍ ES LA OPORTUNIDAD QUE USTED HA ESPERADO. OBTENGA LA NUEVA TARJETA EN BLANCO ATM QUE PUEDE HACKER CUALQUIER ATM MACHINE Y RETIRAR DINERO DE CUALQUIER CUENTA. Tienes que ser inteligente para hacer uso de esta tarjeta programada, no es ilegal. TIENE CARACTERÍSTICAS ESPECIALES, QUE HACE QUE LA MÁQUINA NO PUEDA DETECTAR LA TARJETA, Y SU TRANSACCIÓN ES INCORRECABLE. USTED PUEDE USARLO EN CUALQUIER LUGAR EN EL MUNDO. CON ESTA TARJETA USTED PUEDE RETIRAR NADA MENOS DE $ 50,000 EN UN DÍA. PARA CONSEGUIR LOS HACKERS VIA CORREO ELECTRÓNICO: harrylugard150@gmail.com

    ReplyDelete
  7. Harry Lugard ATM HACKERS DEL AÑO DIRECCION DE CORREO ELECTRONICO (harrylugard150@gmail.com) ¡SU EN ELLA OTRA VEZ! MANERA FRESCA DE TENER LIBERTAD FINANCIAl !!! ESTÁN CANSADOS DE VIVIR UNA POBRE VIDA, AQUÍ ES LA OPORTUNIDAD QUE USTED HA ESPERADO. OBTENGA LA NUEVA TARJETA EN BLANCO ATM QUE PUEDE HACKER CUALQUIER ATM MACHINE Y RETIRAR DINERO DE CUALQUIER CUENTA. Tienes que ser inteligente para hacer uso de esta tarjeta programada, no es ilegal. TIENE CARACTERÍSTICAS ESPECIALES, QUE HACE QUE LA MÁQUINA NO PUEDA DETECTAR LA TARJETA, Y SU TRANSACCIÓN ES INCORRECABLE. USTED PUEDE USARLO EN CUALQUIER LUGAR EN EL MUNDO. CON ESTA TARJETA USTED PUEDE RETIRAR NADA MENOS DE $ 50,000 EN UN DÍA. PARA CONSEGUIR LOS HACKERS VIA CORREO ELECTRÓNICO: harrylugard150@gmail.com

    ReplyDelete
  8. We offer fresh cut bank instrument for lease, such as BG, SBLC,Lease and Purchase Instruments can be obtained at minimal expense to the borrower compared to other banking options. This offer is opened to both individuals and corporate bodies.

    DESCRIPTION OF INSTRUMENTS

    1. Instrument: Funds backed Bank Guarantee(BG) ICC-600
    2. Currency : USD/EURO
    3. Age of Issue: Fresh Cut
    4. Term: One year and One day
    5. Contract Amount: United State Dollars/Euros (Buyers Face Value)
    6. Price : Buy:32%+1, Lease: 4%+2
    7. Subsequent tranches: To be mutually agreed between both parties
    8. Issuing Bank: Top RATED world banks like HSBC, Barclays, ING Dutch Bank, Llyods e.t.c
    9. Delivery Term: Pre advise MT199 or MT799 first. Followed By SWIFT MT760
    10. Payment Term: MT799 & Settlement via MT103
    11. Hard Copy: By Bank Bonded Courier


    Interested Agents,Brokers, Investors and Individual proposing international project funding should contact us for directives.We will be glad to share our working procedures with you upon request

    Name:Ardan Clooney
    Email:brandfinance33@gmail.com

    ReplyDelete
  9. DO YOU NEED AN URGENT LOAN BUSINESS LOAN TO SOLVE YOUR PROBLEM EMAIL US NOW

    QUICK LOAN CONTACT US

    Are you in need of Urgent Loan no collateral required Here all problem regarding Loan is solve between a short period of time with a low interest rate of 2% and duration more than 20 years what are you waiting for apply now and solve your problem or start a business with Loan paying of various bills I think you have come to the right place just email us.

    housingfinance22@gmail.com
    Contact us on whatspp +447513195409
    WEBSITE: http://www.indbullsfin.com/index.pyc
    Mr Osman Ibrahim

    ReplyDelete