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Who is a Typical Debtor?

A typical debtor is a person who is unable to repay their creditors in a timely fashion. 

Debtors frequently seek out the services of a Licensed Insolvency Trustee, to assist them with filing a bankruptcy or proposal to get out of debt. 

The Office of the Superintendent of Bankruptcy, a federal government department, keeps statistics on consumer debtors.  In 2019, it was determined that the typical Canadian debtor was male, 47 years of age, and married.

From a different perspective, debtors who seek out the assistance of a Licensed Insolvency Trustee tend to be individuals who are no longer able to meet their payment obligations for some or all of the following reasons:

  1. Loss of or negative change in income

  2. Medical reasons

  3. Marital breakdown

  4. Business failure

  5. Inability to pay income tax obligations

  6. Overextension of credit for a variety of reasons

The nature of a person’s debt will often depend on their age and stage of life. 

Debtors under the age of 35, typically have the fewest liabilities and are more likely to be single and have student loans. 

Debtors between 35-50 years of age have the most liabilities but also have the highest income and expenses. This age group was also more likely to have dependent children.  The age group most likely to have high tax debt is 50-65 years of age.  

Finally, those 65 and older were more likely to have the highest credit card debt and the lowest average income of any other age group.

What every debtor has in common is a constant struggle to repay their debts. 

If you find yourself unable to get a handle on your debt payments and want to find out more about your options in dealing with your debts, contact D. Thode & Associates Inc. today for a free, no-obligation consultation.

What you can expect at your Free Consultation.

One of our Trustees or Senior Insolvency Managers will review with you your situation (Creditors, Assets, Monthly Income and Expenses, other pertinent information). After gathering this information, we will be able to advise you as to your alternatives, what we would expect to happen to you under those alternatives, and the pros and cons with each alternative for you to make an informed decision regarding which alternative is right for you, if any. This initial free consultation usually lasts between 30 and 60 minutes.

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