Seniors now make up a larger proportion of bankruptcies

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The number of insolvent seniors in Canada grew to 30 per cent of all bankruptcies in 2013-14, a rise of 3 percentage points from the previous two year period. A report from bankruptcy experts Hoyes, Michalos & Associates also found that seniors have higher levels of debt than younger Canadians with over 60s averaging $69,031 unsecured compared to $56,545 across all age groups. 

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