Dispelling Myths About Bankruptcy


J. Douglas Hoyes, Bankruptcy Trustee Ontario
Posted in Personal Bankruptcy
Posted by J. Douglas Hoyes, CPA, CIRP, CBV - TRUSTEE

Bankruptcy. We see it as one of those ugly, better-left-unsaid words that elicit a strongly negative reaction. But is our distaste completely warranted? Sure, it’s not a pleasant concept, but so much of the stigma attached is due to commonly believed myths about bankruptcy that emerge from misconceptions and misinformation. We hear certain myths about […]

Oct 15, 2013

Payday Loan Help. Debt Consolidation and Debt Relief Options.


Posted in Debt Help

It is estimated that somewhere between seven and ten percent of Canadians use payday loans on a fairly regular basis to help make ends meet. It’s an understandable dilemma. The rent is due and you don’t have the cash. You need to pick up groceries or pay for a car repair but you don’t have […]

Aug 28, 2014

How To Deal with the Consequences of Declaring Personal Bankruptcy


Posted in Personal Bankruptcy

Most people view bankruptcy as the end of the road but in truth it’s just a beginning. Whether you file for bankruptcy or are able to make a deal with your creditors through a proposal, the upside is that you will be debt free at the end of the process. so while there are a […]

Aug 26, 2014

How to Rebuild Your Life and Thrive After Bankruptcy


Posted in Success Stories

This is the final post in a three-part series about how I went bankrupt and lost my business, survived bankruptcy’s emotional impacts and came out thriving. After I graduated from university, I realized my dream of becoming an entrepreneur and opening a spa. At first, business was booming. Three years later, the spa was hemorrhaging […]

Aug 21, 2014

Surviving the Emotional Impact of Bankruptcy


Posted in Success Stories

This post is the second in a three-part series about how I went bankrupt, faced all of the emotions that it brought up and rebuilt my life. To learn how it happened, read about the big mistakes that led to my bankruptcy. When I was 27, I realized my dream of opening an anti-aging spa. […]

Aug 20, 2014

The Big Mistake That Lead To My Bankruptcy


Posted in Success Stories

This week we present a series of three articles that provide a first hand account of what is it like to experience personal bankruptcy. Sophie Boyko found herself in financial problems after the failure of her first business endeavour. In the full series, she talks about the mistakes that lead up to her bankruptcy, how she […]

Aug 19, 2014

A Young Adult’s Guide To Personal Finance


J. Douglas Hoyes, Bankruptcy Trustee Ontario
Posted in Debt Free In 30
Posted by J. Douglas Hoyes, CPA, CIRP, CBV - TRUSTEE

Personal finance can be a confusing topic for anyone, but for young adults just starting out on their own, it can be particularly bewildering. As part of our ongoing influencer series, I recently chatted about this issue with Pat Foran, a broadcaster, consumer advocate and author who specializes in helping young consumers learn to save […]

Aug 14, 2014

Do Laws Make Student Loans Difficult to Deal with in a Consumer Proposal?


J. Douglas Hoyes, Bankruptcy Trustee Ontario
Posted in Consumer Proposals
Posted by J. Douglas Hoyes, CPA, CIRP, CBV - TRUSTEE

Student loans are similar to all unsecured debts: they can be eliminated in a consumer proposal. However, there are special rules that apply to government guaranteed student loans. Specifically, section 178 (1)(g) of the Bankruptcy & Insolvency Act states that the following debts are not automatically discharged in a bankruptcy or consumer proposal: any debt […]

Aug 12, 2014

Seniors – A Small Group Carrying High Risk Debt


J. Douglas Hoyes, Bankruptcy Trustee Ontario
Posted in Debt Help
Posted by J. Douglas Hoyes, CPA, CIRP, CBV - TRUSTEE

By the time you approach retirement age you should be out of debt, right?  That’s the conventional wisdom, because after a life of working you have paid off your mortgage and other debts, and accumulated savings for retirement. Unfortunately the conventional wisdom is wrong. Click to view full infographic Statistics Canada in their article Retiring […]

Aug 7, 2014

Debt Management Solutions For Seniors


Posted in Debt Help

An estimated 37,000 seniors and baby boomers will file bankruptcy or a consumer proposal in Canada this year. The numbers for Ontario are just as staggering with over 12,000 older Ontarians needing to declare insolvency in order to deal with the burden of overwhelming debt they cannot pay on a fixed, and often reduced, income. With […]

Aug 5, 2014

Waterloo Couple Takes Time But Chooses Proposal


Ian Martin, Licensed Bankruptcy Trustee Kitchener Ontario
Posted in Success Stories
Posted by Ian Martin, CPA, CIRP - TRUSTEE

When I first met with Steve and Beth (not their real names) more than two years ago, they were in a real quandary.  They were quick to acknowledge that they were not great at handling their money, but they had a hard time understanding how they could have more than $100,000 owing on credit cards […]

Jul 31, 2014