Industry insights from Hoyes Michalos co-founders Doug Hoyes and Ted Michalos on bankruptcy, debt relief and consumer debt issues that affect Ontarians. Doug and Ted are strong advocates of a fair, equitable and transparent process for those dealing with overwhelming debt problems.
Many homeowners have expressed that they are facing financial hardship as a result of record interest rate hikes. So why are homeowner bankruptcy rates so low? Doug Hoyes explains the cycle in this post and when he expects homeowner insolvencies to rise.
Although Canadians managed to pay off record unsecured debt in the pandemic, recent trends point to a return of financial instability for many indebted households. In our year-end review, Doug Hoyes examines 10 debt statistics that explain what happened with consumer debt in 2021 and what's to come.
This is yet another case of an individual struggling with debt, told to pay exorbitant fees to a debt settlement firm to deal with their debts. This time, the company was GEM Debt Law. We review the terms of the contract and explain why these debt consultants should be avoided.
Struggling with debt? Go directly to a Licensed Insolvency Trustee. Unlicensed debt consultants like York Credit Services will charge you extra fees just for a referral to an LIT. Here's a real story of someone who was scammed into paying an extra $800 for nothing.
Use a Licensed Insolvency Trustee if you need help to deal with your debts via consumer proposal. Trust Advisory Service cannot provide these services and charge unnecessary fees. Learn more about it here.
Want to learn about the role the pandemic played in altering household debts? Read along as Doug Hoyes explores the unprecedented debt and insolvency trends as a result of Canada’s lockdowns, and his future predications.
Ted Michalos explores the asset profile of the average insolvency debtor from our annual bankruptcy study and explains why most insolvent debtors have very little assets at the time they file insolvency.
In 2018, Tesla was showing warning signs of a possible bankruptcy. Doug Hoyes uses his excerpt skills to analyze Tesla’s financial problems, and how your personal finances can benefit from this knowledge.