Bankruptcy Increases Among the Young and Old

A recent bankruptcy study by my firm found that the average person who files for bankruptcy in Canada is 44 years old.  He is likely to be married, may have a mortgage, and owes almost $53,000 in unsecured debt.  In fact, the clear majority of insolvent debtors, 77%, are between the ages of 30 and […]

Authors:

J. Doug Hoyes
J. Doug Hoyes

J. Douglas Hoyes, B.A., C.A., CPA, CIRP is a Licensed Insolvency Trustee and co-founder of Hoyes, Michalos & Associates Inc. in Ontario, Canada. He is also the host of Debt Free in 30, a weekly podcast about how to handle money and debt.

 

Bankruptcy Increases Among the Young and Old

A recent bankruptcy study by my firm found that the average person who files for bankruptcy in Canada is 44 years old.  He is likely to be married, may have a mortgage, and owes almost $53,000 in unsecured debt.  In fact, the clear majority of insolvent debtors, 77%, are between the ages of 30 and […]

Authors:

J. Doug Hoyes
J. Doug Hoyes

J. Douglas Hoyes, B.A., C.A., CPA, CIRP is a Licensed Insolvency Trustee and co-founder of Hoyes, Michalos & Associates Inc. in Ontario, Canada. He is also the host of Debt Free in 30, a weekly podcast about how to handle money and debt.

 

Student Loans Under the Bankruptcy & Insolvency Act

The Bankruptcy & Insolvency Act of Canada (the Act or BIA) eliminates most unsecured debts like credit card debt, bank loans, lines of credit and payday loans.  There are, however, certain debts that are excluded under the Act. Student debts are often confusing because some debts can be automatically discharged if you file for bankruptcy […]

Authors:

J. Doug Hoyes
J. Doug Hoyes

J. Douglas Hoyes, B.A., C.A., CPA, CIRP is a Licensed Insolvency Trustee and co-founder of Hoyes, Michalos & Associates Inc. in Ontario, Canada. He is also the host of Debt Free in 30, a weekly podcast about how to handle money and debt.

 

Bankruptcy, Insolvency and Receivership

Canadian commercial insolvency law is not codified in one exhaustive statute. Instead, Parliament has enacted multiple insolvency statutes, the main one being the Bankruptcy and Insolvency Act.  The BIA offers a self-contained legal regime providing for both reorganization and liquidation. It is characterized by a rules-based approach to proceedings. The BIA is available to insolvent […]

Authors:

Peter Bowal
Peter Bowal

Peter Bowal is a Professor of Law at the Haskayne School of Business, University of Calgary in Calgary, Alberta.

 

Divorce and Bankruptcy Law in Canada

Almost one in five insolvencies in Canada (a bankruptcy or consumer proposal) involves someone who has experienced a marital or relationship breakdown.  Often the financial problems occurred long before the divorce. Financial pressures often increase after divorce as two households are now trying to live on the same income as one household did before the […]

Authors:

J. Doug Hoyes
J. Doug Hoyes

J. Douglas Hoyes, B.A., C.A., CPA, CIRP is a Licensed Insolvency Trustee and co-founder of Hoyes, Michalos & Associates Inc. in Ontario, Canada. He is also the host of Debt Free in 30, a weekly podcast about how to handle money and debt.

 


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