For the scoop on personal bankruptcy in Canada, look no further than what the skilled trustees at Hoyes, Michalos & Associates (HMA) have found in a recent study. It offers ample proof that many Canadians – particularly men entering middle age – ought to take sound debt management, savings, and smart monthly budgeting increasingly to heart.
After reviewing some 7,000 personal insolvency filings from 2011 and 2012, HMA was able to create a good portrait of the typical, bankrupt Canadian: Male, 43 years old, and with unsecured (or non-mortgage) debt of more than $61,000. But that’s just the beginning of the story. [click to continue…]
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