Our knowledgeable team of Licensed Insolvency Trustees provide information and expert advice to help you on your way to becoming debt free. Our blog includes podcasts, videos, articles, case studies and Industry Insights about consumer proposals and bankruptcy in Ontario as well as personal finance, credit rebuilding and other money management tips for anyone looking to get out of, or stay out of, debt.
You may already know that a consumer proposal can help you eliminate debt. In this post we explain the top laws and rules that come with a proposal filing so you have a better understanding of the process.
One option for dealing with your debt is to talk to your bank first. In this post, we outline the ways in which your bank may help you get out of debt, tips for how to approach them when asking for help, and what you can do if your bank refuses to provide debt relief.
If you face an income loss, fall behind on proposal payments and the proposal becomes annulled, what are your options? We explain what a proposal annulment means for your debts, how to revive your proposal, and how to prevent a proposal annulment in the first place.
You may be overwhelmed by debt and considering a debt settlement. In this post, we walk you through how to determine an affordable offer, the dos and don'ts of settling with your creditors, how to reduce debt by up to 80% and when working with an LIT is the right option.
Your income tax refund is treated as an asset in a bankruptcy. Learn more about what exactly happens to your refund under a consumer proposal vs. bankruptcy. We also explain how CERB tax debts are dealt with in a filing.
In this comprehensive post, learn how your credit score is impacted, what brings a credit score up and down, and get the facts on common credit score myths. We also outline what lenders consider when approving new credit applications.
You may be considering a consumer proposal and wondering if it will impact your spouse. To help you get a better understanding, we explain how joint debts work, how your marital assets may be affected and how your spouse may be involved in the process. Learn more.
What are your options if CRA says you were ineligible and must repay CERB, CRB or other pandemic related benefits? Can you file a bankruptcy or proposal if you can't afford to pay back CERB? Doug Hoyes explains.
Your bank may be your biggest creditor in a consumer proposal. In this post, Doug Hoyes discusses what banks look for when reviewing proposals and Hoyes Michalos' process for ensuring consumer proposals are accepted by creditors.
We know it can be hard to go without a credit card when you file a bankruptcy or consumer proposal. We explain whether it's a good idea to get a credit card during your filing or immediately after and if you do get a card, which credit card issuers are best to start with.
If you've recently completed your consumer proposal - congratulations. Now it's time to plan for life post-proposal. We explain what you can expect, the steps you should take after completing your consumer proposal, and best practices for rebuilding your credit.
There are a lot of misconceptions surrounding why someone is driven to file for bankruptcy. In this post, we share a realistic sequence of events that leads someone down a path of financial instability and into our office for debt relief. We also explain what you can expect when you declare bankruptcy.