What is a Licensed Insolvency Trustee?

Posted in Bankruptcy Trustee
Posted by Ted Michalos, BA, CPA - LIT

Bankruptcies and consumer proposals in Canada are debt restructuring options available under the Bankruptcy & Insolvency Act. Increasingly today consumers are choosing to file a consumer proposal and avoid declaring bankruptcy. In order to help consumers more easily recognize and identify individuals licensed to provide debt restructuring services (both bankruptcies and consumer proposals) under the […]

Yes, We Have A Payday Loan Crisis

Posted in Debt Help
Posted by J. Douglas Hoyes, CA, CPA, LIT, CIRP, CBV

With people taking out payday loans in record numbers, it raises the question - why? They turn to payday loans as a way to circumvent their debt, when all they're doing is adding to it.

Creditor Protection: Consumer Proposal vs. Debt Management Plan

Posted in Consumer Proposals
Posted by Sandra Sykora, B.Comm, CIRP - LIT

Generally, the reason people contact us at Hoyes Michalos is to see what their options are for dealing with their debts. They're looking for debt relief so they can get a fresh start. However sometimes what prompts them to make a call is some type of creditor action: a collection call, a wage garnishment or threatened law […]

Payday Loan Induced Insolvencies On the Rise

Posted in In The News

Hoyes Michalos has pre-released our 2017 Joe Debtor study results as they relate to payday loan usage by insolvent debtors in time for the Standing Committee on Social Policy to conduct a review of Bill 59: Putting Consumers First Act.  We have also submitted our concerns about the prevalent use of payday loans by heavily […]

Burn Your Mortgage with Sean Cooper

Podcasts
Posted in Debt Help
Posted by J. Douglas Hoyes, CA, CPA, LIT, CIRP, CBV

Sean worked up to 80 hours a week for many years to save for a down payment, and then he managed to pay off his mortgage in less than four years. He held a mortgage burning party that was covered by the CBC, and that's where the fun began.

Why Doesn’t the Federal Government Consult Their Own Debt Literacy Experts?

Posted in In The News
Posted by J. Douglas Hoyes, CA, CPA, LIT, CIRP, CBV

We don't just have a financial literacy problem in Canada, we have a debt literacy problem. Household debt in Canada continues to skyrocket, reaching a "gravity-defying" $2 trillion in December 2016. While it's true that we carry significant mortgage debt (it increased 5.9% last year), my biggest concern is that consumer debt increased roughly 3.4% from […]

Ontario Limitations Act and Old Debts

Podcasts
Posted in Personal Bankruptcy
Posted by J. Douglas Hoyes, CA, CPA, LIT, CIRP, CBV

Is it true that if you just ignore an old debt it will go away? Not exactly. There are a few misconceptions about the Ontario Limitations Act. Let's separate fact from fiction.

Working Together To Solve A Financial Crisis. The Better Choice.

Posted in Success Stories
Posted by Janette Martin, CERTIFIED CREDIT COUNSELLOR

With Valentine’s Day approaching I thought it was a good opportunity to write about financial problems and how they affect relationships. Marriage might start out as cinnamon hearts and expressive hard candies but, when faced with pressures of every day life, will it survive or will it fail? Usually when we meet with individuals who […]

Surviving Job Loss with David Trahair

Podcasts
Posted in Debt Help
Posted by J. Douglas Hoyes, CA, CPA, LIT, CIRP, CBV

Today's guest David Trahair provides practical steps to move ahead financially and put yourself in the best possible position after experiencing job loss.

25 Debt Consolidation Tips From Our Experts

Posted in Debt Help

One of the many benefits of choosing Hoyes Michalos is that you're not only choosing one person to help you get out of debt, you're choosing a team. Our Licensed Insolvency Trustees have a variety of skill sets and each one of them brings something different to the table. We're able to pull from each […]

News You Can Use January 2017

Podcasts
Posted in In The News
Posted by J. Douglas Hoyes, CA, CPA, LIT, CIRP, CBV

In today's show our expert panel of personal finance professionals will answer questions on four recent issues within the personal finance realm. Each expert brings something different to the table, which gives us a well rounded view at these issues from all angles.