The Win-Win Scenario of a Consumer Proposal


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

Why do I tell people I meet with that a consumer proposal is a “win-win” scenario? A consumer proposal is a win for both debtors and creditors because both parties end up with a benefit over bankruptcy. I recently met with a man I will call Tom, but that’s not his real name. He had […]

Apr 24, 2014

Why Is Cash Store Filing for Bankruptcy Protection?


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

On April 15, 2014 Regional Senior Justice Morawetz of the Superior Court of Justice – Ontario released his order granting Cash Store Financial Services Inc. protection under the Companies’ Creditors Arrangement Act, a form of bankruptcy protection for large companies. To obtain bankruptcy protection in Court a large corporation must prepare hundreds of pages of […]

Apr 16, 2014

New Surplus Income Limits for 2014


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

The Office of the Superintendent of Bankruptcy has announced the new surplus income limits for 2014 bankruptcy filings: Family Size Income Threshold 1 $2,014 2 $2,508 3 $3,070 4 $3,728 5 $4,228 6 $4,768 7 $5,309 You can read more about the 2014 Bankruptcy Guidelines on our surplus income payments page, or you can use […]

Mar 31, 2014

Your Bankruptcy Trustee as Referee


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

When people ask me who I work for, I explain that as your bankruptcy trustee I’m like the referee in a hockey game; I’m not working for one side or the other. There are many who disagree with this view of the role of a trustee. Some people will say that since one of my […]

Mar 25, 2014

5 Tips For Dealing With Collection Agencies


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

It’s important to know how to talk to debt collectors when they call about an outstanding debt. If you are receiving calls from collection agencies, you need an action plan for what you are going to do and say. The first step is to ask yourself how bad is it? Are they calling for a debt […]

Feb 27, 2014

Cash Store Payday Lender Having Some Problems


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

UPDATE – Posted April 15, 2014 – Cash Store Financial Services Inc. Files for Bankruptcy Protection The Cash Store’s problems continue, as they have now filed for bankruptcy protection (under the CCAA, a form of bankruptcy protection used by large corporations).  They are now likely to be de-listed from the Toronto Stock Exchange.  The Cash […]

Feb 18, 2014

Love, Money & Debt: A Look At Debt & Marriage in Canada


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

It turns out many Canadian marriages start out in debt. Here is an infographic about how we deal with love, money & debt in relationships based on our survey about Marriage & Debt. Click to enlarge

Feb 11, 2014

Love & Marriage: Starting Out In Debt


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

It’s February, the time when many couples are thinking about making that ultimate commitment. Before you say “I do”, should you be talking about how much debt your potential partner might have? Today we released a Harris/Decima Research study that shows that four in ten Canadian couples say they are bringing debt into their marriage. According […]

Feb 10, 2014

Bankruptcy Rate Plummets in Ontario


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

In statistics just released by the Office of the Superintendent of Bankruptcy, the number of personal insolvencies filed in Ontario in November 2013 decreased by 10.4% as compared to the month of November 2012, continuing a trend of dramatic year over year declines throughout much of 2013.  Personal bankruptcy filings declined by 8.3%, while consumer […]

Jan 31, 2014

How Did I Get Into Debt?


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

The average Canadian now has over $114,000 in debt. Where does all this debt come from and why do people get into credit card debt in the first place? Our infographic can help you identify some of the warning signs that you may need help finding a way out of debt.

Jan 30, 2014