The face of bankruptcy appears to be changing in northwestern Ontario.
Grant Thornton’s Frank Fabiano says while the number hasn’t changed much in the last few years, he’s starting to see more seniors seeking help with their financial hardships.
Fabiano says being on a fixed income and with rising costs, seniors are turning to lines of credit, overdrafts and credit cards to pay their bills, but their income level makes it difficult for them to make those re-payments.
He says, overall, bankruptcy numbers in the region haven’t changed much since 2008 when forest companies began experiencing a downturn in their industry.