Suddenly Bankrupt

As many as 70% of bankruptcy filings are made by people with strong credit scores, according to Trans Union.

This article in the Financial Post shows an increasing number of bankrupt filings are from people with strong credit scores, who have been able to meet their debt obligations, but suddenly seem to hit a wall where the debt is no longer manageable.

One of the fastest growing bankruptcy groups are seniors who were indebted when they retired and who continued to borrow. This can be blamed in part on declining interest income from savings.