Debt & Insolvency – Seniors in Ontario

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Debt & Insolvency Rates – Seniors in Ontario

It is not only heart breaking to think of people starting their retirement years in debt, it is frightening.

Beyond the added stress of being in debt at a time in life when the ability to service that debt is often reduced – the Seniors in Ontario appear to be filing bankruptcies and proposals at increasing rates.

According to the Superintendent of Bankruptcy, in Ontario in 2011, 8.2% of the 50,460 people who declared insolvency (filed either bankruptcy or a proposal) were 65 years or older.

That equates to approximately 4,137 Seniors in Ontario, in 2011.

Unfortunately, in the last four years of the Superintendent’s statistics – 2008 to 2011 – the percentage of filing insolvents who were Seniors, increased steadily from 5.5% to 8.2%.

debt-insolvency-ontario-seniors-rates-2008-2011chart

Are Insolvent Seniors Hopeless?

Of course not.

Many of the Seniors we work with, are able to get out of debt and get on with enjoying their ‘golden years’.

Removing the burden of debt and debt collectors, goes a long way to making retirement a better time of life.

What do the Increasing Rates Mean?

It may be a symptom of the financial troubles since 2008, or of the increasing rates of Canadian household debt, or of the lessening stigma of insolvency among Seniors.

Whatever the cause, these numbers can serve as a warning to everyone in Ontario:

 

Get Out of Debt – Now

Tomorrow Really Does Come

Take Your First Step Towards A Debt Free Life

If you are overwhelmed by debt, call us at 1-844-962-9200 to book a FREE, confidential appointment. We will review your financial situation in detail and discuss all of your options with you. Alternatively, you can fill out the form below and our team will reach out to you. 

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I worked primarily with Christine, who was very friendly and outgoing. She was quick to help me, and explained everything I needed to know very well. She's quick to answer any questions I may have as well. The other members I spoke with were also very kind and jovial, and were happy to help me with anything they could. They made sure my proposal fit within my budget, and got everything going very quickly. I was happy to work with them, and would highly recommend their very friendly service!
Melissa McAllister
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Very processional and understanding of my situation. Thanks to all your team.
Luc Valade
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Jennifer Norton's exceptional assistance with my consumer proposal was life-changing. Her professionalism, expertise, and dedication were evident from the start. Jennifer's thorough explanations and attention to detail created a tailored proposal that set a clear path to financial freedom. She went above and beyond, advocating for my best interests and providing invaluable support. Thanks to Jennifer, I'm on track to a stress-free financial future. I wholeheartedly recommend her – she's not just a financial expert; she's a life-changer. Thank you, Jennifer!
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They made a difficult situation, easy thank you.
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I had a great experience with Christine from David Sklar & associates. Very professional, and easy to get through. Thank you
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Great customer service and a smooth process to get your finances on track. Informative and thorough.
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From the moment I sat down in the office, I felt welcome and at ease. Grace Cuffaro was both friendly and highly informative. She is extremely knowledgeable and answered all of my questions in detail, making sure I understood before moving on. I was reassured throughout the process that I was making the right decision and that it was not uncommon nor anything to be ashamed of. I didn't expect my appointments to be such positive experiences, but that's exactly what they've been!
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I was in a tough financial position and found myself searching for relief. I came across David Sklar & Associates page when doing my research on financial advice. The reviews were amazing, but I was concern because I didn’t know what to expect. I made the decision to set up a consultation and had the pleasure to meet with Jennifer Norton. Right from the beginning, she was attentive, knowledgeable, and pleasant to meet with. The experience was painless and very educational. Jennifer made sure I understood my choices, answered my questions, and concerns promptly, in person, over the phone and via email. I’ve been working with Jennifer for a couple months now and I am pleased that Jennifer is the manager handling my file. I would and have recommend Jennifer Norton, David Sklar & Associates to anyone in need of direction regarding finances.
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I had my first meeting with Jennifer, she was really understanding and extremely helpful, and got everything done in a timely manner.
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Jennifer Norton has been the most helpful throughout this truly embarrassing situation that I find myself in. She is informative, understanding, and there is absolutely no judgment. She has handled everything in a very professional and respectful manner and I am SO glad that I have them on my side. Definitely a huge weight off my shoulders.
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