People, from all walks of life, file for bankruptcy or a proposal. In my practice I have had teachers, carpenters, plumbers, housewives, doctors, nurses, lawyers, accountants, university professors, actors, labourers, airline pilots, truck drivers, students, airline stewards, mill workers, and more all file for bankruptcy or a proposal. No one is immune from a financial disaster!
The latest study available, published in 1998, called An Empirical Study of Canadians Seeking Personal Bankruptcy Protection by Saul Schwartz & Leigh Anderson of the School of Public Administration, Carleton University, reported the following demographics about their sample of people filing for bankruptcy:
59 percent were men
32 percent were under 30
For 28 per cent of the people under 30, student loans were 50 per cent or more of the overall debt
43 percent were married (or living in a common law arrangement)
29 percent were formerly married
28 percent were single
15 percent were unmarried and had at least one dependent under 21 years old (this group is 10 percent of the general Canadian population)
Slightly better educated than the general Canadian population
For 10 percent, student loans were more than 90 per cent of total debt
The only difference between the immigrants in our sample and the immigrants in the general population is the under-representation of Asians among the debtors.
I am very concerned about how to pay over 5 thousand dollars, i am afraid, never been in a situation like this before, i am alone, on Social Aid , i was given a Sears Master Card when on Social Aid, payments of over 200$ a month, i can’t do it anymore, i now live alone, the credit shared with an ex partner is no longer, was left to pay the amount, the card is in my name, my responsability, but cannot continue the payments,,,,I am single, no children, so i do not get enought to get by making the payment demanded, even so, it will take me 20 years or more to make a difference in the amount owing. In these times, it’s just impossible, unless i pay 25$ a mnt,,,,,,,Bankrupcy Protection has a cost, again a cost i cannot pay,,,,,,In the first place , why to credit card companies give cards to people on Welfare !!!!!!!
βGenial Post. Itβs actually a darned shapely article. I noticed all your momentous points. Thanks”