Meet with experienced Licensed Insolvency Trustee and Hoyes Michalos co-founder, Doug Hoyes, in our Toronto Downtown office and get advice to eliminate your debt problems. Doug leads the team in the our City of Toronto debt help location and will work with you to explore several debt management solutions including:
Doug will take his time to listen to your story and he will guide you through the decision-making process of which debt repayment strategy is best for you. For over 30 years, Doug has been helping honest, hard-working Ontario residents get back on track with their finances. And he’s not the only passionate member of our team you’ll work with. Scott Terrio, Manager of Consumer Insolvency and Shelly Ann Redhead, Client Service Specialist, are also eager to walk you through the debt relief journey.
“My goal is to help people understand how money works. I hear my clients tell me all the time that they didn’t know more than one option existed and I think, of course not. Lenders only care to tell you how to borrow money, not how to pay it off. I want my clients to feel empowered and know everything that’s out there and available to them. – Doug”
At Hoyes Michalos we will make sure you understand all of your alternatives, including consumer proposal and credit counselling before you make the final decision. Bankruptcy is not the only way to get rid of debt.
Book your FREE confidential debt assessment with Doug by calling toll free at 1-866-747-0660 or fill in the form on this page to send us an email.
Meet Our Toronto Downtown Debt Experts
J. Douglas Hoyes, Licensed Insolvency Trustee
Doug Hoyes is a Licensed Insolvency Trustee, Consumer Proposal Administrator and a Chartered Insolvency and Restructuring Professional (CIRP). Doug is also co-founder of Hoyes, Michalos & Associates. Doug advocates for consumers needing debt relief to ensure they receive a fair and respectful debt management solution. He regularly comments in the media including publications and networks such as: Canada AM, Global News, CBC, The Globe and Mail, The Toronto Star, BNN Bloomberg, The Financial Post and CTV News. Doug is also the author of the personal finance book Straight Talk on Your Money – The Biggest Financial Myths and Mistakes…and How to Avoid Them.
What Our Toronto Downtown Clients Say
Our concept is simple. If you give us 30 minutes of your time, our knowledgeable, experienced team will help you build a plan to become debt free.
Find Our Downtown Toronto Bankruptcy Office
DIRECTIONS: Our Downtown King Street office is located at the corner of King Street and Yonge Street. It is the heritage Royal Bank tower and the entrance is on King Street just past Sleep Country. If this location is not convenient, we have 8 other Greater Toronto Area locations to serve you.
Consumer Proposals in Downtown Toronto
A consumer proposal is a legal debt relief solution legislated with the federal government to consolidate and settle your debt for less than you owe.
Here are the top 10 benefits of a consumer proposal.
- write-off up to 80% of your debts
- stop collection calls
- stop a wage garnishment
- unfreeze your bank account
- legally binding on all unsecured creditors
- deals with CRA and payday loan companies
- you keep your assets including your tax refund
- reduce your monthly payment to something that is affordable
- no interest on monthly payments
- avoid bankruptcy
Hoyes, Michalos has a 99% success rate for consumer proposals we file. We work with you to craft an offer you can afford.
The cost of a consumer proposal is known upfront. What you pay is exactly, and only, what repayment you negotiate with your creditors at the beginning of the consumer proposal process. Once you complete your payments and the terms of your proposal, your debts are eliminated.
A consumer proposal can only be filed with a Licensed Insolvency Trustee like Hoyes Michalos. Learn how to file a consumer proposal or contact our Downtown Toronto team today to talk about how a consumer proposal can help you get out of debt and avoid bankruptcy.
Debt Consolidation vs Consumer Proposal
When you’re dealing with high credit card balances, tax debts, or other unsecured obligations, traditional debt consolidation through a bank loan might seem appealing. However, while using home equity through a second mortgage can help consolidate debts, it’s important to understand the risks – especially if you’re already struggling with mortgage payments or facing high interest rates due to credit challenges.
A consumer proposal provides more protection and better terms than traditional consolidation loans. Instead of borrowing more money or risking your home equity, a proposal allows you to reduce your total debt while keeping your assets secure. Our Downtown Toronto team can help you compare these options, considering factors like:
- Your current mortgage terms and payment stability
- Available home equity and current market rates
- Total unsecured debt load
- Monthly cash flow and budget constraints
- Long-term financial goals
Let our licensed professionals help you evaluate whether you qualify for a consumer proposal. Contact our Downtown Toronto office for a free, no-obligation consultation to explore all your debt relief options.
Filing Personal Bankruptcy in Downtown Toronto
When overwhelming debt becomes unmanageable, bankruptcy in Ontario offers immediate legal protection and a path to financial recovery. Filing bankruptcy provides relief from aggressive collection actions, wage garnishments, and mounting interest charges, allowing you to focus on rebuilding your financial future.
Our Downtown Toronto Licensed Insolvency Trustees will help you understand how bankruptcy works, what assets you keep or lose, and how it will affect your credit and future financial options. We’ll review your specific situation, including:
- Your current income and expenses
- Total debt load
- Asset values
- Future earning potential
- Need for creditor protection
As federally licensed professionals, we can also help you compare bankruptcy to a consumer proposal, which might allow you to keep more assets while settling your debts. Contact our Downtown Toronto office today for a free, confidential consultation. We offer flexible appointment times to help you explore all debt relief solutions and find the best path forward for your circumstances.
Downtown Toronto Debt Help
Debt problems don’t go away on their own. If you cannot afford to repay your debts on your own, as Licensed Insolvency Trustees we help you explore all your options and choose the solution that is best for you.
Break Free From Credit Card Debt
If you are only making minimum payments on your credit cards it will take you years to pay off your balances, if at all. We can help you consolidate your payments and make a settlement offer that can lower your credit card balances by as much as 70%. Your credit cards are rolled into one reduced monthly payment.
This is not a new loan, it’s a government-approved interest-free debt settlement plan payable over up to five years.
Stop the Payday Loan Cycle
Payday loans cause financial stress because the interest accumulates faster than you can pay it off. Over time this eats away at your paycheque. Once you fall behind, payday lenders use aggressive collection tactics like calling your employer and garnishing your wages.
We can include payday loans in your program and help you break the payday loan cycle.
Get Tax Debt Relief
Only a Licensed Insolvency Trustee has the options that can help you reduce your tax debt liability. We can negotiate directly with CRA to create a repayment plan, stop interest and penalties and settle tax debt. If CRA has frozen your bank account or garnished your wages, we can reverse those actions.
Student Loan Debt Forgiveness
Looking for help resolving student loan debt? If you have been out of school for 7 years, your government student loan debt can be discharged through a bankruptcy or consumer proposal.
Eliminate High-Interest Installment Loans
You may have tried to consolidate or pay bills by taking out a high-cost financing loan. While these types of consolidation loans can help you deal with the immediate demand for repayment, they come with an interest rate of 39%, 49% and even 59%. Installment loans meant for those already in debt or with poor credit just postpone, rather than solve the problem.
Unsecured loans, whether owed to a bank, credit union or financing company can be eliminated with payments determined based on what you can afford.
Why Talk with a Licensed Insolvency Trustee?
If like many of our clients, you are struggling with debt repayment, this is a cycle that is best broken by working with a Licensed Insolvency Trustee near you. We are licensed by the Government of Canada to help you with your debts.
We can help you break free from debt.
If you would like help becoming debt free, call our Downtown Toronto team today at 1-866-747-0660.