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.
Every year, we analyze information we collect about our clients to develop an updated profile of the average person filing insolvency. We call this person Joe Debtor. As the economy changes, so too does Joe... Read more »
This past year may prove to be a turning point for household debt in Canada and not in a good way. As of October 2018, Canadian household debt reached a whopping $2.158 trillion. Undoubtedly, this... Read more »
It’s been a long time coming, longer than Ted Michalos and I predicted in our past year-in-review podcasts. We predicted that 2014 and 2015 consumer insolvencies would remain flat, and they did. However, last year,... Read more »
This year marks the 8th Financial Literacy Month in Canada, which begs the question: has our financial literacy improved in eight years? Total household debt is at record highs while personal savings rates are at... Read more »
Everyone knows the statistics: Canadians are carrying more debt than ever before. And yet, based on a review of data from my clients, it takes less unsecured debt to force individuals to file a consumer... Read more »
At the end of last year, Ted Michalos and I predicted three types of bankruptcies we expect to see more of in 2018: People will be denied for debt consolidation and refinancing. Ontarians will be... Read more »
Each February, we release updated research about payday loans and we know that 4 in 10 Ontario insolvencies involve payday loans. Payday loans have been a fairly popular discussion in 2018, as the Government of... Read more »
3 in 10 insolvent debtors turn to payday loans to make debt payments. KITCHENER, ONTARIO, February 12, 2018 – Payday loan use among heavily indebted Ontarians continues to escalate, as research conducted by Licensed Insolvency... Read more »
It’s that time again where Ted Michalos and I do our annual year-in-review podcast and predictions for the New Year. We’ve been predicting that high consumer debt will lead to more debt problems for Canadians,... Read more »
You are not a customer of Equifax: You are the Product (Kitchener, ON) Equifax announced today that their recent data breach has impacted approximately 100,000 Canadians. Doug Hoyes, Licensed Insolvency Trustee and author of Straight... Read more »
Every two years we issue our Joe Debtor report that provides a detailed analysis of emerging trends in bankruptcy filings in Ontario. We track debt loads by age, income level, marital status and gender. We... Read more »
It’s happened before: a company gets cocky, thinks they will make money forever, and spends a lot of money putting their name on a building. We all remember Enron Field, named in 2000, home of... Read more »
If you’ve looked into Hoyes, Michalos & Associates Inc., you’ll know that we strictly help individual people, not corporations or big banks. While we both started our careers doing corporate work at big accounting firms,... Read more »
There is a lot of chatter surrounding Canadian real estate, housing prices and mortgage rates. Vancouver sales have started to drop but not in Ontario. Is there a housing bubble in Ontario? When will it... Read more »
We’re living in very different times in terms of our economy. To help us explore this topic further I talked with economist David Bond about how the Canadian economy as a whole is impacted by household debt... Read more »
Debt Relief Experts