Insolvency trustee Doug Hoyes encounters a lot of Canadians with money troubles, but he's become particularly sympathetic to the plight of young people who find themselves financially underwater.
For more than a decade, his Ontario-based firm Hoyes Michalos has been crunching bankruptcy and insolvency numbers for its annual "Joe Debtor" analysis, with its latest results released last month ahead of tax season.
The 2022 Joe Debtor study examined 2,700 personal insolvencies filed in Ontario. Hoyes Michalos says 49 per cent were filed by millennials aged 26 to 41, even though they make up 27 per cent of adult Canadians. Filing for bankruptcy, he said, is an option to eliminate debts, but most people end up filing consumer proposals with the help of insolvency trustees like him to pay them down over time in manageable portions.
The society helps people struggling with debt, negotiating with creditors to eliminate interest on loans, but also refers people in some situations to bankruptcy and insolvency trustees. Locke, who works for a real estate brokerage, got into the housing market at a young age having worked in the oil and gas industry after high school.
Insolvency or bankruptcy weren't options for the couple because they wanted to keep their assets, but the Credit Counselling Society was able to work out a deal with their bank to eliminate interest on the renovation loan.Locke said the stress and stigma of debt is embarrassing, "but it's just the way it goes."Grant Bazian, a licensed insolvency trustee and president of MNP Ltd.
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