50 Questions and 50 Answers about How to Deal with Your Debt

Here we have assembled the top 50 questions that the professionals at Hoyes Michalos get most often. Doug Hoyes was recorded LIVE on November 18, 2006 on Ask The Experts on 570 News with host Glenn Pelletier. Scott Schaefer and Howard Hayes updated the answers LIVE on November 14, 2009 on Ask The Experts with host Dave Callander.

To hear the answer to a specific question, please click on the answer link(s) below the question. For additional information on the same topic, follow the "More info" link (where available).

Options
	1.	I have got too much debt. What are my options? Listen to Doug Hoyes answer Listen to Scott Schaefer answer More info: Dealing with debt guide
	2.	How do I know if I have too much debt? Listen to Doug Hoyes answer Listen to Howard Hayes answer
	3.	What causes money problems? Why do people get into trouble with debt? Listen to Doug Hoyes answer Listen to Howard Hayes and Scott Schaefer answer
Bankruptcy
	4.	What is bankruptcy in Canada? Listen to Doug Hoyes answer Listen to Scott Schaefer answer More info: Personal bankruptcy in Ontario
	5.	In the United States it's possible to go bankrupt without a lawyer. In Canada, can I handle a bankruptcy myself? Listen to Doug Hoyes answer
	6.	What does a bankruptcy trustee do? What are their duties? Listen to Doug Hoyes answer Listen to Scott Schaefer answer
	7.	What do I have to do if I go bankrupt? What are my duties? Listen to Doug Hoyes answer Listen to Howard Hayes and Scott Schaefer answer More info: Bankruptcy - filing and the process
	8.	Will I lose my car in a bankruptcy? Listen to Doug Hoyes answer Listen to Scott Schaefer answer More info: Car in bankruptcy
	9.	Will I lose my house if I go bankrupt? Listen to Doug Hoyes answer Listen to Howard Hayes and Scott Schaefer answer More info: House in bankruptcy
	10.	Can I exclude any debts from a bankruptcy? Listen to Doug Hoyes answer Listen to Scott Schaefer answer
	11.	Will a bankruptcy stop wage garnishments? Listen to Doug Hoyes answer Listen to Howard Hayes and Scott Schaefer answer More info: Wage garnishment - how to stop it
	12.	If I go bankrupt, is my spouse responsible for my debts? Listen to Doug Hoyes answer Listen to Scott Schaefer answer More info: How will bankruptcy affect spouse
	13.	What happens to child support if I go bankrupt? Do I still have to pay it? Listen to Doug Hoyes answer Listen to Howard Hayes and Scott Schaefer answer More info: Effects of bankruptcy discharge - child support
	14.	If I go bankrupt, what happens to my tax return? Do I still get a tax refund? Listen to Doug Hoyes answer Listen to Scott Schaefer answer More info: Tax refund in bankruptcy after the bankruptcy reform
	15.	What happens to my GST credits and child tax credits if I go bankrupt? Listen to Doug Hoyes answer Listen to Scott Schaefer answer
	16.	What are the benefits to the debtor in a bankruptcy? Listen to Doug Hoyes answer Listen to Howard Hayes and Scott Schaefer answer
	17.	Does it cost me anything to go bankrupt? Listen to Doug Hoyes answer Listen to Scott Schaefer answer
	18.	Can student loans be a part of a proposal or bankruptcy? Listen to Howard Hayes and Scott Schaefer answer More info: Bankruptcy rules about student loans in bankruptcy after the bankruptcy reform
	19.	What does the term "discharge" mean? Listen to Doug Hoyes answer Listen to Howard Hayes and Scott Schaefer answer More info: The effects of bankruptcy discharge
	20.	If I go bankrupt, will I ever get credit again? Listen to Doug Hoyes answer Listen to Howard Hayes and Scott Schaefer answer More info: How can I repair my credit?
Bankruptcy and Seniors
	21.	If a senior files for bankruptcy, can his/her pensions be taken away? Listen to Doug Hoyes answer
	22.	Do you ever encourage people in their 70's or older to just "walk away" from their obligations if they have money problems? Listen to Doug Hoyes answer
Consumer Proposals
	23.	What is a consumer proposal? Listen to Doug Hoyes answer Listen to Howard Hayes and Scott Schaefer answer More info: Consumer proposal to creditors - an alternative to bankruptcy
	24.	Will a consumer proposal stop wage garnishments? Listen to Doug Hoyes answer Listen to Howard Hayes answer More info: Advantages of consumer proposals
	25.	Will a proposal work for someone with large credit card debt? Listen to Doug Hoyes answer
	26.	Will a proposal stop collection agency calls? Listen to Doug Hoyes answer
	27.	Who can make a consumer proposal? Listen to Doug Hoyes answer Listen to Scott Schaefer answer More info: Who can file a proposal to creditors
	28.	What is the process of filing a consumer proposal? Listen to Doug Hoyes answer Listen to Howard Hayes and Scott Schaefer answer More info: Filing a consumer proposal and the process after filing
	29.	How does a proposal get accepted? Listen to Doug Hoyes answer Listen to Howard Hayes and Scott Schaefer answer More info: Acceptance of a consumer proposal by the creditors
	30.	What happens if my proposal gets rejected? Listen to Doug Hoyes answer Listen to Scott Schaefer answer More info: What if your consumer proposal is rejected?
	31.	What happens if my proposal is accepted, and then I stop making payments on my proposal? Listen to Doug Hoyes answer Listen to Howard Hayes answer More info: Defaulting on your proposal's payments
	32.	What does it cost to make a proposal? Listen to Doug Hoyes answer Listen to Scott Schaefer answer More info: Cost of Filing a Proposal to Creditors
	33.	In a proposal is the trustee representing the debtor or creditor? Listen to Doug Hoyes answer Listen to Howard Hayes and Scott Schaefer answer
Credit Reports
	34.	What is a Credit Report? Listen to Doug Hoyes answer
	35.	How can I get a copy of my credit report? Listen to Doug Hoyes answer Listen to Howard Hayes and Scott Schaefer answer More info: Main credit bureaus in Canada
	36.	Does it cost me to get a copy of my Credit Report? Listen to Doug Hoyes answer More info: Obtaining your credit report
	37.	Why is a Credit Report important? Listen to Doug Hoyes answer More info: Bad credit report can prevent you from getting a loan
	38.	What is the "R" scale? Listen to Doug Hoyes answer More info: Bankruptcy terminology - The Nine Point Rating Scale
Canada Revenue Agency (CRA) - Revenue Canada
	39.	If I owe money to the government, would that be included in a bankruptcy or proposal? Listen to Doug Hoyes answer More info: Dealing with tax debt
	40.	If I am self employed and have debt issues can I make a deal with CRA on back taxes? Listen to Doug Hoyes answer
	41.	If I am a small business owner and it fails am I responsible personally for things like outstanding GST or provincial sales taxes? Listen to Doug Hoyes answer
	42.	In a failed business, am I personally responsible for my staff or employees with things like wages or benefits? Listen to Doug Hoyes answer
	43.	What about the responsibility of the business owner's spouse? Listen to Doug Hoyes answer
Collection Agents
	44.	A collection agent is threatening to take my furniture, can they do that? Listen to Doug Hoyes answer More info: The rules collection agencies have to follow
	45.	Can I negotiate a settlement directly with collection agents? Listen to Doug Hoyes answer
	46.	How can I make collection agents stop calling? Listen to Doug Hoyes answer More info: Dealing with collection agencies
Making a Plan to Deal with Debts
	47.	Every time you are on the show you talk about making up a budget - why is that so important? Listen to Doug Hoyes answer More info: How to make a budget and how to make it work for you
	48.	Should I consider borrowing against my house or re-mortgaging to help? Listen to Doug Hoyes answer
	49.	How do I know if credit counseling a good option for me? Listen to Doug Hoyes answer More info: Credit Counselling in Ontario
	50.	If I have too much debt, what do I need to do to deal with my debts and get a "fresh start"? Listen to Doug Hoyes answer Listen to Scott Schaefer answer More info: Make a Plan!