Seniors filing for insolvency with higher debt than young, report finds

A new report says seniors and those approaching retirement are making up a growing proportion of those filing for insolvency in Ontario and have bigger debts compared with younger people. According to a review of 6,000 insolvency filings in 2013 and 2014, the share of debtors aged 50 and over increased to 30 per cent compared with 27 per cent in the previous two-year period. The report by bankruptcy trustee firm Hoyes, Michalos & Associates Inc. found seniors and pre-retirement debtors have accumulated the highest unsecured debt load among all age groups. On average, debtors 50 and older filing for insolvency had $68,677 in unsecured debt, while those over 60 had total unsecured debt of $69,031. That compared with an overall average of $56,545 in unsecured debt for those filing for insolvency.