Average Insolvency client ages

by Cyndi Michalos Baker on May 6, 2013

Every year we go back over our files from the previous year to identify trends in filing.  Then we create our average client ,our “Joe Debtor”, if you will.  Lately we have begun to see an older client.  When we look at why these folks have had to come to see us we are seeing one trend over and over; Parents, going into debt or increasing their debt, to assist their adult children. Parents who have exhausted their  retirement savings , who have cashed out their life insurance, who have maxed out their credit cards to help their adult children in some way.

Listen, I am not judging it, I get it. I am a parent. I would do anything necessary to assist my son if he was in trouble but maybe, as parents, we are looking at it the wrong way. Maybe, instead of trying to pay their debts we should be teaching them how to pay their own debts, how to save for a rainy day.  How many of us speak about budgeting and saving with our kids? Maybe , we should be offering to help support them during and after their insolvency process not creating an insolvency situation for ourselves.  Our adult children will be in the work force longer much longer then we will be. They have time on their side.

If what I have written sounds familiar then a Consumer Proposal or Bankruptcy may give you the break you need from this burden of debt.  Doug Hoyes wrote an article about his very topic, here is the link:


Once you have read it, if you would like to discuss your unique situation, give us a call.  In Guelph you may reach us at 519-823-0330.

Invest a little time BEFORE you spend your money.

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