Skirting the Essence of Ontario’s Debt Settlement Laws

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

A year ago Ontario enacted legislation targeted at reducing consumer abuse by unlicensed debt settlement companies. While this legislation has helped eliminate some of the severe abuses, most agencies have just switched tactics and we fear indebted consumers seeking debt advice are still at risk. Let’s review some key points in Ontario’s debt settlement laws: […]

Will Consumer Debtor Protection Services or Debt Assistance get you a Better Consumer Proposal?

Posted in Consumer Proposals
Posted by Ted Michalos, BA, CPA - LIT

Now that the Ontario government has restricted debt advisors from charging up-front fees before completing a settlement with creditors, many debt relief companies are switching their business tactics. What they now offer is so called consumer debtor protection services, debt assistance or consumer proposal referral programs. What is consumer debtor protection and what are they […]

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, […]

Consumer Proposals: The ONLY Canada Government Debt Relief Program

Posted in Consumer Proposals
Posted by Ted Michalos, BA, CPA - LIT

I am about to climb back on my soapbox. This spring I talked about why everyone seems to be advertising consumer proposals. Some of these companies are very subtle in their approach. They may not mention the word consumer proposal but instead will talk about a Canada government debt relief program. Don't be fooled by this. […]

Recommendations For Strengthening Consumer Protection Around Subprime Lending Products

Posted in In The News
Posted by Ted Michalos, BA, CPA - LIT

Recently, the Ontario Ministry of Government and Consumer Services (Ministry) asked interested parties to submit their recommendations on potential ways to strengthen consumer protection for those individuals who may use alternative financial services (AFS) such as payday loans and quick cash installment loans, as well as those who may find themselves facing debt collectors. As […]

Debt Settlement: New Laws and a Better Approach

Posted in In The News

The Ontario government has enacted new legislation to limit abuses in the debt settlement industry. Today I talk with Ted Michalos about debt settlement, the new legislation and better options to settle your debt.

Bankruptcy Advice Should Come From A Bankruptcy Trustee

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

The world is an interesting place and if you can imagine something, then someone, somewhere can find a way to sell it to you; even if the information is available for free.  Really. Case in point – bankruptcy advice.  A not so little industry has been created in the last decade made up of people […]

Can I File Bankruptcy On My Own?

Posted in Personal Bankruptcy
Posted by Jason Quinney, CIRP - LIT

It is not legally possible to file personal bankruptcy on your own.  Bankruptcy can only be filed by a licensed trustee in bankruptcy under the Bankruptcy and Insolvency Act (BIA) as set out by the Office of the Superintendent of Bankruptcy.  This arm of the Canadian federal government is responsible for licensing trustees and monitoring […]

Why Is Everyone Advertising Consumer Proposals?

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

Stand back – it may be time for a rant.  Really.  This topic tends to set me off and I will tell you why… A consumer proposal is a legal procedure that allows Canadians to repay a portion of their debts, instead of filing an assignment in bankruptcy.  By law, only a licensed trustee in […]

The Scariest Part Of Filing Bankruptcy: A Niagara Falls Story

Posted in Success Stories
Posted by Ted Michalos, BA, CPA - LIT

The worst part about having a cavity filled is the needle to freeze your jaw. Everything after that is dulled by the effects of the anesthetic.  If you can make it past the needle, you know your mouth will feel better after the dentist’s work is done. The worst part about filing for bankruptcy is […]