How Do I Know If I'm Insolvent?

Posted in Debt Help

Many people who come to Hoyes Michalos have debt that is just simply beyond repayment. They end up insolvent and file bankruptcy to absolve their debts and get a fresh start. There are many ways to tackle debt before it gets out of hand. If you are simply struggling with debt, there are options available […]

Consumer Proposal vs Bankruptcy – Which One is Right for You?

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

Consumer proposals and bankruptcies offer similar benefits, but differ in length and cost. How do you know which one is right for you? It will depend on your financial situation. Listen to this week's podcast as Ted Michalos compares consumer proposals vs bankruptcies.

Debt Settlement: Which Option Lets You Rebuild Your Credit Faster?

Posted in Debt Help
Posted by Ted Michalos, BA, CPA - LIT

All forms of debt settlement appear on your credit report in the same way. They are listed as an R7 to show that you have entered into some form of settlement agreement for the debt. This agreement might be a debt settlement plan, a credit counselling plan or a consumer proposal. That means that initially, […]

Do I Have To Surrender My Credit Card in Bankruptcy?

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

It makes sense why if you carry a balance on your credit cards you must give up your credit cards when you file bankruptcy or a consumer proposal.  The debts are included in the bankruptcy, so the credit cards are also cancelled. But what happens if you have a credit card that has no balance owing?  Are […]

Are Social Media Profiles Considered Assets In A Bankruptcy?

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

I read with interest an article recently where a judge in Texas ruled that a debtor was required to turn over passwords to a Facebook and Twitter account as part of his business’ bankruptcy. The creditors viewed the accounts as an asset of the bankruptcy; the debtor viewed it as his personal social media accounts. […]

A Day In The Life Of A Bankruptcy Trustee

Posted in Bankruptcy Trustee
Posted by Rebecca Martyn, CPA, CGA, CIRP - LIT

Most people know the role of a bankruptcy trustee, but have you ever wondered what a trustee really does during the work day?  Some days are busier than others, but the thing I like about doing what I do, is that no two days are the same. Here is what I did yesterday. 8:30-9:00 am - […]

Rethink The Way You See Bankruptcy

Posted in Personal Bankruptcy
Posted by Howard Hayes, Btec, CIRP - LIT

More often, we hear from our clients about bankruptcy being a positive experience.  The old stigmas associated with filing a bankruptcy are slowly being lifted and it’s not the taboo subject that it once was. In fact, people we help tell us the most stressful part about declaring personal bankruptcy was the period of time building up to […]

Time Does Not Heal All Wounds. Don't Delay Asking For Help.

Posted in Debt Help
Posted by Ted Michalos, BA, CPA - LIT

Often when people come in to see us I think, if only they had come in sooner, we could have saved them so much stress and money. People often feel like they have to try anything and everything before they speak to a bankruptcy trustee. They spend years fighting the good fight, “robbing Peter to […]

I've Filed Bankruptcy & Collection Agents Are Still Calling

Posted in Personal Bankruptcy
Posted by Joel Sandwith, BA - LIT

You made the decision to deal with your debts. You met with a trustee, filed bankruptcy and have a plan to get your fresh start. So why are you still receiving calls from collection agents telling you to pay up? You're sure you gave all the information to your trustee but you just got a notice […]

Managing Debt In A Boom & Bust Economy

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

Recently, oil prices have declined, affecting the finances of those who work and/or live in a boom-bust economy. Alberta is a prime example of this type of economy, but the sting is also being felt in Newfoundland and Labrador. Our guest Ian Penny talks about how eastern Canadians are managing debt in the recent down cycle.