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.
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 »
Doug Hoyes discusses bankruptcy on the reality TV show Til Debt Do Us Part In the summer of 2007 I got a call from the producers of Til Debt Do Us Part, a Reality TV... Read more »
I have a debt free success story to tell you. The story is true, but the names have been changed for privacy reasons. The Scenario This is a story about Mrs. B. She is in her 50’s,... Read more »
Divorce is not easy, but it can be made more complex when credit cards with balances are involved, especially if one spouse is experiencing financial problems. I was recently asked this question: “I took over... Read more »
We are often presented with the following scenario: One spouse applied for a credit card, and when asked “would you like a card for your spouse?” answered yes, so they received two credit cards – a... Read more »
Even doctors can face personal financial problems. If you’re an insolvent medical doctor in Ontario, filing bankruptcy will have no impact on your ability to practice medicine. But as your monthly income is likely to... Read more »
The Ontario Government made The Workplace Safety and Insurance Board (WSIB) coverage a mandatory requirement for most in the construction industry, including a self-employed contractor with no employees. This law requires these contractors to have... Read more »
A consumer proposal is an arrangement made with your creditors to settle your debts for less than you owe. Most people make monthly proposal payments over a period of up to five years. However, what... Read more »
When you are experiencing financial difficulty, it is important to understand the different types of creditors you may have in order to assess the impact of various bankruptcy options on those debts. Below is an explanation... Read more »
You may have credit card debt that is causing you financial problems, but you may also rely on using those credit cards to pay for things online and so worry about the impact of a... Read more »
Some lenders require their borrowers to sign a form called a “Voluntary Wage Assignment” which allows the borrower’s wages to be garnisheed if they do not repay the loan as agreed. Payday loan companies and... Read more »
In most cases, no you will not have to attend at bankruptcy court if you file personal bankruptcy. The Bankruptcy and Insolvency Act enables a first or second time bankrupt to receive an automatic discharge... Read more »
One common scenario that we see at Hoyes, Michalos & Associates, is when an individual has not filed his or her income tax returns for the past few years and they are actually afraid of... Read more »
In all of our offices throughout Ontario we encounter debtors who have a significant tax debts to the Canada Revenue Agency (“CRA”), formerly called Revenue Canada. If a significant amount of money is owed to CRA... Read more »
At least once every week I talk with someone who purchased a house one or two years ago, and now they are in financial trouble. What happened? Owning a home is an ongoing fiscal burden at... Read more »
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