Creditor Protection: Consumer Proposal vs. Debt Management Plan

Posted in Consumer Proposals
Posted by Sandra Sykora, B.Comm, CIRP - LIT

Generally, the reason people contact us at Hoyes Michalos is to see what their options are for dealing with their debts. They're looking for debt relief so they can get a fresh start. However sometimes what prompts them to make a call is some type of creditor action: a collection call, a wage garnishment or threatened law […]

The Big Credit Score Scam

Posted in Credit Repair
Posted by Ted Michalos, BA, CPA - LIT

Most people know that to qualify for a loan they need a good credit history and reasonable ‘credit score’.  They also know that their credit score is something provided by the major credit bureaus. In Canada that means TransUnion and Equifax.  What most people may not know is that those scores have become big business, and in […]

Judgment and Lawsuit Stopped by Bankruptcy Act

Posted in Success Stories
Posted by Benny Mendlowitz, CPA, CIRP - LIT

For the average person, a judgment or lawsuit is a scary thing. This is not just someone calling you for collection or sending you past due notices. Somebody you owe money to is using the legal system and the courts to collect money from you. You feel like you are at their mercy. Usually, as is […]

Must A Consumer Proposal Include All My Creditors?

Posted in Consumer Proposals
Posted by J. Douglas Hoyes, CA, CPA, LIT, CIRP, CBV

A consumer proposal has a lot of advantages. It offers legal protection while you make a settlement offer to your creditors. It also allows you to negotiate payments you can afford while keeping assets like a home, RESP and other investments. Moreover, it offers substantial flexibility in terms of payment terms. However, there are certain […]

Who Do Licensed Insolvency Trustees Work For?

Posted in Bankruptcy Trustee
Posted by Ted Michalos, BA, CPA - LIT

The market is currently flooded with debt advice businesses offering to help consumers with excessive debt.  The vast majority are unlicensed and unregulated 'debt consultants' not licensed insolvency trustees. Many simply charge a substantial fee and then simply refer debtors to a licensed insolvency trustee to deal with their debts. A bankruptcy trustee is now called […]

Will Rogers Cancel My Cellphone, Cable & Internet Service If I Go Bankrupt?

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

Thirty years ago no-one had a cellphone. Today, almost everyone in Canada over the age of 10 has a smartphone for on the go and cable and internet service at home. So do you lose those services if you file a consumer proposal or bankruptcy? The truth is the answer doesn’t boil down to technical […]

What Bankruptcy Protection Does The Bankruptcy & Insolvency Act Provide?

Posted in Personal Bankruptcy
Posted by Ian Martin, CPA, CA, CIRP - LIT

“Protection” is one of the words most often associated with bankruptcy.  The purpose of this article is to explain some of the fundamental questions about what protection under the Bankruptcy & Insolvency Act (BIA) means. Bankruptcy protection applies equally to both personal bankruptcy and consumer proposals which means any comments we make below apply 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 […]

Why Creditors Might Challenge Your Bankruptcy Discharge

Posted in Personal Bankruptcy
Posted by Wendy Young, CERTIFIED CREDIT COUNSELLOR

Generally speaking, a bankruptcy takes root, grows and is snipped at the stem come discharge time without incident. However, there can be complications that need to be dealt with before this natural progression can unfold.  While a creditor cannot stop you from filing for bankruptcy, they can certainly do their part to create challenges that […]

What Does It Mean To Be Creditor Proof

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

Occasionally when I met with someone considering bankruptcy, I refer to them as creditor proof. What does that mean? Does it really mean they are protected from creditors? Well, yes and no. More importantly how does that affect whether or not they need to file for bankruptcy. Purpose of Bankruptcy is Creditor Protection The main reason […]