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Insolvency filings: Boomers, older seniors showing signs of financial stress

The Globe and Mail
Baby boomers and seniors are increasingly feeling the effects of being sandwiched by the costs of assisting both their adult children and their elderly parents. Read this article on The Globe and Mail to learn more.

People retiring today are among the most financially fortunate Canadians ever because they’ve had the opportunity to hit home runs in both the housing and stock markets.

But they don’t have it made. Not with the potential for them to be supporting both their adult children and their aging parents as part of what we call the sandwich generation.

Did You Know?

1

Many people who file for bankruptcy get to stay in their home.

2

In Newfoundland and Labrador, you can keep your RRSPs – even if you file for bankruptcy.

3

Many people who file for bankruptcy are able to keep their vehicle.

4

Most bankruptcies are NOT published in the newspaper.

5

Student loans can be included in a bankruptcy if they are more than seven (7) years old.

6

A consumer proposal is an alternative to bankruptcy that can only be filed with a licensed trustee in bankruptcy.

7

In NL, people ages 30 to 39 years old file for bankruptcy more than any other age group. [source]