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.
Consumer insolvencies are on the rise again. In this year-end analysis, Doug Hoyes examines the affordability of consumer debt and changes in household credit patterns to explain why he thinks we'll keep seeing double-digit consumer insolvency growth increases into 2023.
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.
In this blog, we’ll show you why and how Canadian middle-income households were hit the hardest over the last year during the global pandemic. Find out which earners saved and which borrowed the most.
Doug Hoyes weighs in on whether or not a debt jubilee is a solution to high household debt, student debt and how a modern debt jubilee might work for both private loans and government loans.
Learn about the past and current landscape of insolvency trends in Ontario, and where our experts think they are going from here.
Are you wondering what happens to your pension if the company you work for goes bankrupt? Doug Hoyes offers his professional insights on the corporate bankruptcy process with regards to pensions.
Insolvency Manager Scott Terrio does a deep dive into long term Canadian insolvency statistics to explain the economic and seasonal nature of insolvency filings in Canada.
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.
Doug Hoyes and Ted Michalos offer their annual insights into the consumer debt crisis. Learn more about why and how they have come to their prediction.
Has your financial literacy improved in the last 8 years, since Canada started Financial Literacy Month? If not, Doug Hoyes explains three aspects of finances that you should be highly proficient in.
Debt Relief Experts
