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.
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.
Many people struggle to repay their student debt even years after graduating due to inconsistent income or lack of gainful employment. Falling behind on student loan payments is not uncommon but it should be dealt with, especially if your loans are now in collection. We explain what creditors can do and how to get relief.
If you're overwhelmed with debt, this post will help you decide whether you should file a bankruptcy or deal with your debts via a debt management plan by reviewing key questions, as you would in a real debt assessment with a Licensed Insolvency Trustee. Learn which debt relief option is right for you.
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.
Ideally, in your 40s, you want to prepare for your transition into retirement. But being burdened with debt at this age can hold you back from building any meaningful wealth. Luckily, there are debt relief options available to help you take control of your future.
We know it can be stressful when you're unable to make your credit card payments. In this post, we help you understand the potential consequences if you fall behind on your credit card debt, as well as, options for eliminating debt.
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.
There is a common misconception that when you file for bankruptcy in Canada, you lose everything. But that's not true. In this post we outline exempt and non-exempt assets in a bankruptcy and how a consumer proposal actually allows you to keep everything.
Struggling to pay your mortgage or have you already fallen behind? Don't worry, you have options available, including refinancing problem debt, selling your home, or filing a consumer proposal to get rid of unsecured debt to allow for more comfortable payment of your mortgage.