Choosing Between A Consumer Proposal and Bankruptcy


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

More than half of insolvencies in Ontario are now a Consumer Proposal. That compares to just 42% three years after consumer proposals were introduced into the Bankruptcy & Insolvency Act. Now, three years later, the rate is 51% and the trend is still increasing. There are a lot of articles about the pros and cons […]

Jun 19, 2014

Debt Counsellors and Debt Coaches – Real or Scam?


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

You have debt and you want help, and you hear the ads on the radio or throughout the internet promising to eliminate your debt, but you don’t know who to trust.  Are debt counsellors real, or are they a scam?  Are they different than seeing a trustee? What does a debt coach do? There are […]

Jun 3, 2014

Hoyes Michalos Congratulates our Two Newest Trustees


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

I am pleased to announce that two Hoyes Michalos articling students passed the final oral board exam and are now licensed bankruptcy trustees and consumer proposal administrators. Our two successful candidates, Adam and Jason, have a combined 12 years experience with Hoyes Michalos. It is those years of experience, combined with our “Fresh Start” approach, that leads many of Adam and Jason’s […]

May 30, 2014

Pursuing the “Do Nothing” Strategy


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

As a Trustee in Bankruptcy I meet with people every day who need to file for bankruptcy or submit a proposal to their creditors to deal with their debts. None of them want to take that route. It is an emotional and stressful decision but one they arrive at based on one over-riding conclusion: They […]

May 20, 2014

Should You Try to Pay Off Your Debt on Your Own, or Just Go Bankrupt?


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

I read an interesting article on the Boomer & Echo website by Robb Engen recently titled: A Lannister Always Pays His Debts (And So Should You). I have no idea what a “Lannister” is (apparently it’s a reference to a character in The Game of Thrones), but his basic premise is that unless you are […]

May 8, 2014

Tell Yourself You’re The Boss


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

On April 28, 2014 I enjoyed my first ever appearance on Gail Vaz-Oxlade’s radio show on Newstalk 1010 in Toronto. The underlying thread throughout much of the segment? – “You’re the boss”. This begins (at abut the 41 minute mark by the way) as Gail says with the need to Watch Where You Take Advice. She cautioned […]

Apr 29, 2014

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