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

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

How Long Is The Average Consumer Proposal?


Ted Michalos, Licensed Bankruptcy Trustee
Posted in Consumer Proposals
Posted by Ted Michalos, BA, CPA - TRUSTEE

Earlier this month we addressed the question – what are your creditors expecting to receive in a proposal. The next logical step in the negotiation process is to consider how long you should expect to be making payments. By law, consumer proposals may be up to 60 months long. The government agency that oversees consumer […]

Jul 29, 2014

Top 5 Bankruptcy Issues for Small Business Owners and Self Employed


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

Approximately 1 in 10 insolvencies we file are for individuals who are self-employed or operating a small business at the time they declare bankruptcy. For anybody who is contemplating declaring bankruptcy, there are numerous potential issues or questions.  For somebody who operates a small business or is self-employed, there is a unique set of issues to […]

Jul 24, 2014

Negotiating Consumer Proposals. What Your Creditors Are Expecting.


Ted Michalos, Licensed Bankruptcy Trustee
Posted in Consumer Proposals
Posted by Ted Michalos, BA, CPA - TRUSTEE

“Psssst.  I know a guy that can save you thousands off your debts and it will only cost you a couple of hundred bucks to find out how…” Sound too good to be true?  Sound like a rip-off?  It is, but not for the reasons you think. There is a legal remedy available in Canada […]

Jul 22, 2014

How Can We Make Canadians More Financially Literate?


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

It’s always inspiring to connect with like-minded financial professionals, which is why we’ve decided to start a new segment on the Bankruptcy Blog featuring interviews with industry experts. For the first installment, I sat down with Toronto-based TV news personality Barry Choi, who also happens to be a self-taught, do-it-yourself investor. Barry’s blog Money We […]

Jul 17, 2014

Co-Signer Is Still On The Hook After Bankruptcy


Brian McIlmoyle, Licensed Bankruptcy Trustee Brampton & Mississauga Ontario
Posted in Debt Help
Posted by Brian McIlmoyle, B.Sc., CIRP - TRUSTEE

Lenders often will want a “co-signer” on money loaned to people who represent a marginal credit risk. Parents may co-sign for their son or daughter’s first car loan or mortgage because they don’t yet have a strong credit history of their own. A friend or family member may guarantee your refinancing loan because you do […]

Jul 15, 2014

Do You Need To Downsize Your Debt?


Ted Michalos, Licensed Bankruptcy Trustee
Posted in Debt Help
Posted by Ted Michalos, BA, CPA - TRUSTEE

There is an old saying in the financial world that “Cash is King”.  Respectfully, that’s wrong.  Debt is King because it has the potential to dominate your life. How Much is Too Much? Let’s look at an average person – their income is likely in the mid $40’s producing take home pay of around $3,000 […]

Jul 10, 2014

9 Ways To Tell You Have A Debt Problem (Or Soon Will)


Posted in Debt Help

Debt problems come in many shapes and sizes but severe debt problems often bring with them many common warning signs. Today’s tip sheet is a quick list of 9 of the most common flags that you may have more debt than you can handle. If any of these signs apply to you, it might be […]

Jul 8, 2014

Calculating Payments in a Consumer Proposal The Last Step


Jason Quinney, Bankruptcy Trustee, Hoyes, Michalos
Posted in Consumer Proposals
Posted by Jason Quinney, CIRP - TRUSTEE

Part of the consumer proposal process is crafting the plan you will offer your creditors. Trying to determine how much to pay in a consumer proposal can be a difficult exercise.  It depends upon three basic things: who you owe money to and how much you owe, what, if any assets that you have or […]

Jul 3, 2014

Is There A Better Time To File For Bankruptcy?


Howard Hayes, Licensed Bankruptcy Trustee Cambridge and Brantford Ontario
Posted in Personal Bankruptcy
Posted by Howard Hayes, Btec, CIRP - TRUSTEE

Believe it or not bankruptcy does have seasonality to it. The number of consumer bankruptcies and proposals is lowest in January and December in most years and highest in March. Summer is usually a quiet period followed by an increase again in the fall. Some of this makes sense based on how we live our […]

Jul 1, 2014