You, Bankrupt: Financial Experts Reveal Average Bankrupt Looks Like Average Canadian

    KITCHENER, ON, March 31 /CNW/ - Look in the mirror. It is likely that you
have more in common with the average bankrupt than you may think.
    In a new study, Hoyes, Michalos & Associates Inc. reveals that the
average bankrupt looks very much like the average Canadian. "We recently
examined approximately 3,000 insolvency filings as part of our presentation to
the Senate Committee on Banking, Trade and Commerce," said Douglas Hoyes, a
trustee with Hoyes, Michalos & Associates Inc. "We discovered that a typical
bankrupt is a male, 42 years old. He has one dependent and has a monthly
income of around $2,071 and he has total unsecured debt of over $51,000. He is
not that different than the average Canadian" concluded Hoyes.
    In Ontario a record 42,434 bankruptcies were filed in 2007, up 8.2 per
cent from 2006. "Avoid becoming a statistic. Bankruptcy is only necessary once
the other steps prove to be ineffective," cautioned Ted Michalos, a trustee
with Hoyes, Michalos & Associates Inc.
    The Federal Government has recently revised bankruptcy laws. Ted Michalos
commented that "the new laws, when enacted, will provide some relief to
bankrupts with student loans and RRSPs, but bankrupts with tax debt or
significant monthly income will end up paying more. We expect to see an
increase in the number of proposals filed to deal with these debts. The new
laws could also alter the profile of those we see filing for bankruptcy,"
concluded Mr. Michalos.
    More details on the average debtor and the new bankruptcy laws can be
found at

    Hoyes, Michalos & Associates Inc., a trustee in bankruptcy firm with
offices throughout Ontario, helps people in financial difficulty. Further
information, and a complete copy of The Face of Bankruptcy, can be found at

For further information:

For further information: Douglas Hoyes, CA, Trustee in Bankruptcy,; Ted Michalos, CA, Trustee in Bankruptcy,,

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