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.
Will Canada Revenue Agency (CRA, formerly Revenue Canada) accept a consumer proposal? Yes, they will, but only if certain conditions are met. Today I’ll explain the most important “tricks” or tests that you must meet... Read more »
Is it a good idea to get a new loan to consolidate credit or pay off credit card debt? Debt consolidation loans are one option to pay back debts. A consolidation loan provides you with... Read more »
Money in 24 hours. Simple online application. Low payments. 36 month payment terms. That all sounds great when you need a quick unsecured loan to help consolidate some unsecured bills or pay for an emergency... Read more »
Getting married means making decisions about your finances as a joint entity, but one area that causes a lot of marital stress is debt. One spouse may still owe some pre-marital debt, maybe some student loans.... Read more »
Consumer proposals are rarely rejected; however, if your creditors do reject your consumer proposal, all hope is not lost. When you file a consumer proposal, your creditors have 45 days to submit votes on your... Read more »
A consumer proposal is a stable debt repayment program because the payments are locked in for the length of the proposal. Creditors cannot change the terms once they agree to your plan. However, as the... Read more »
Bankruptcy law provides for the possibility of a bankrupt to be examined under oath by the Official Receiver (a representative of the Superintendent of Bankruptcy), the Licensed Insolvency Trustee and under certain circumstances by creditors.... Read more »
The concept behind a debt consolidation loan is simple: you get a new personal loan with more favourable terms and use the money to pay off multiple high interest rate debts, like credit card debts. You... Read more »
Filing for personal bankruptcy as a life insurance agent in Ontario does not necessarily mean your license with the Financial Services Commission of Ontario (FSCO) will be terminated, nor does it mean you cannot become... Read more »
As an insolvency firm, we at Hoyes Michalos see the personal toll financial insecurity brings to individuals and their families. The extent of the financial strain debt causes may surprise you. For many of our... Read more »
When talking with clients, I often get asked, “Do I have to meet with my creditors?”; coupled with a look of stress or fear. In most cases the answer is no, but the possibility is... Read more »
A bankruptcy or consumer proposal provides an automatic stay of proceeding that can stop an eviction order from your landlord for rent arrears. Unpaid rent, up to the date of filing, is included as a... Read more »
A common concern is how cosigned debts are treated when one person files a consumer proposal. When someone files a consumer proposal, they make a deal with their unsecured creditors to repay a percentage of... Read more »
In a personal bankruptcy in Canada, a creditor’s meeting is rare, happening in less than 1 in 1000 bankruptcies. A meeting of creditors’ is required: In a summary bankruptcy or consumer proposal, if at least... Read more »
The Bankruptcy & Insolvency Act defines the legal options where an individual, or company, can be relieved of their obligation to repay debt. In Canada, there are 4 common bankruptcy options: Personal bankruptcy for individuals... Read more »
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