Toronto bankruptcy trustees believe that 1 in 5 Ontario residents may be insolvent (unable to pay their debts when they are due), as astonishing as this seems. Sadly it seems that many Ontarians who have been living paycheque to paycheque and on the edge of a financial crisis, have now fallen off the edge.
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According to a recent Ipsos Reid poll:
- Almost one in five Ontario residents owe more than they own or earn, making them technically insolvent and at risk of bankruptcy.
- Eastern Canadians led the country in owing more than they own, with 28% in Quebec and 24% in Atlantic Canada.
- Residents in Alberta, Saskatchewan and Manitoba tied at a 23%.
- Ontarians at 16% and British Columbians are at 14%.
It’s no surprise that Toronto bankruptcy trustees are being asked about bankruptcy alternatives and bankruptcy questions by so many people stressed about money. The Canadian dollar is volatile, retailers like Target are closing their doors, the Target liquidation program is ongoing and many are worried about a housing bubble.
Toronto bankruptcy trustees are also aware of a Global News poll which reported that:
- 45% of Canadians say that their income, or keeping a steady income, causes them stress.
- 40% are stressed about saving for retirement.
- 40% report that saving for big-ticket items, like a car or a down payment for a home is a cause of stress.
- 33% say that paying bills on time and credit card debt is a cause of stress.
- 33% are stressed about mortgage or rent payment.
- 25% are stressed about caring for their dependents like aging parents or kids.
Toronto bankruptcy trustees summary
Times are tough for many people. If you’re teetering on the edge of financial disaster or have already reached the critical point, it’s time to turn to Toronto bankruptcy trustees for professional help. Contact Ira Smith Trustee & Receiver Inc. as soon as possible. With sound advice and a solid financial plan Starting Over, Starting Now you’ll be well on your way to a debt free life.
