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 […]

What To Do If Your Wages Are Being Garnisheed: Infographic

Posted in Debt Help

A wage garnishment is a legal proceeding where a creditor sues a debtor to ensure that they are repaid for a debt. Any creditor can sue for a garnishment order for any debts owed including outstanding loans and bill payments to alimony and child support. To garnishee someone’s wages, a creditor must first file a Statement of Claim. […]

Student Debt: Facts, Lessons & Solutions

Posted in Debt Help

The cost of post-secondary education has been steadily increasing in Canada, leaving many graduates with student debt that is becoming much more difficult to pay back. Today’s students face ever growing tuition fees, additional compulsory fees, and residence fees. In fact, the national average undergraduate tuition fee in 2015/2016 was $6,191 with Ontario tipping the […]

Finances and Relationships: Infographic

Posted in Debt Help

Does a couple's debt affect their relationship? Or does a couple's relationship affect their debt? Are finances and relationships just another variation of the classic 'what came first: the chicken or the egg' debate? Regardless of which comes first, debt impacts relationships just as much as a couple's spending habits. As the infographic below illustrates, debt can […]

10 Bankruptcy Definitions You Need To Know

Posted in Personal Bankruptcy

As licensed insolvency trustees, we will explain how bankruptcy works and what it will mean for you and your family. To help you understand the bankruptcy process here are 10 bankruptcy definitions you may want to know before your first meeting. View the infographic or scroll to the bottom for a text version and links to […]

5 Stages of a Bankruptcy in Canada

Posted in Personal Bankruptcy

Bankruptcy in Canada can be filed by any individual who owes at least $1,000 and is insolvent. The process of filing personal bankruptcy in Canada is completed in five steps as outlined in our easy to understand infographic. Consultation with a Licensed Insolvency Trustee Preparation of documentation Filing and achievement of the stay of proceedings Completion of […]

Consumer Proposal or Bankruptcy: Decision Factors

Posted in Consumer Proposals

Both bankruptcy and a consumer proposal will eliminate debt, both provide protection from creditors and stop collection calls. However not everyone should file bankruptcy and a consumer proposal won't work in every situation either. Our infographic below explains some key differences between a proposal and personal bankruptcy and there are many factors to consider when deciding […]

Dispelling Common Fears of Bankruptcy

Posted in Personal Bankruptcy

Bankruptcy happens to almost 120,000 Canadians every year. In bad times the number of bankruptcies and consumer filings increase. When the economy recovers they decline. But they never go away because bankruptcy is a viable solution when people find themselves in too much debt. Our infographic, below, looks further at the most common fears of […]

Should You Declare Bankruptcy?

Posted in Personal Bankruptcy

If you are wondering if declaring bankruptcy is the right solution to eliminate your debts, read through our handy infographic to answer some key questions: Do you qualify? What does bankruptcy do for you? Is bankruptcy the right solution? What are the alternatives to bankruptcy?

Do I Need to File Bankruptcy For My Student Debt?

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

According to the Canada Student Loan Program (section 4.3), the average student in Canada is graduating with more than $12,000 in student debt. That’s a pretty significant amount of debt to start out with in your early 20’s. Payable over a period of 9.5 years (extendable to a maximum of 14.5 years under certain circumstances) […]