Debt Relief Experts
Debt Free in 30 – It’s That Simple
Does Debt Free in 30 sound too good to be true? – it’s not. If you can give our professionals 30 minutes of your time to review your financial situation, we will help you develop... Read more »
Ontario Bankruptcy Blog
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.
If You Don’t Need to Go Bankrupt, I’ll Tell You
People call the Hoyes Michalos 310-PLAN help line because they have more debt than they can handle, and they want to find out if bankruptcy is the correct solution to their problem. 90% of the... Read more »
So Glad My Creditors Accepted My Proposal
Violet R. (not her real name), widowed, 57 years old, $116,830 in debt, Brampton,Ontario Dear Ted/Doug: I am very grateful to you for meeting and educating me on the consumer proposal process. It was scary... Read more »
EXCLUSIVE: Why does the Royal Bank vote NO on consumer proposals more than all other creditors combined?
A consumer proposal is a deal that we negotiate with your creditors to settle your debts. In most cases the big banks and credit card companies will accept a consumer proposal if they will be... Read more »
Should I Get A Debt Consolidation Loan? Pros and Cons
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 »
Doug Hoyes Asks Dalton McGuinty to stop Unethical Debt Settlement Companies
UPDATE: New debt settlement rules came into effect in Ontario effective July 1, 2015: Full details on our post on Will The New Debt Settlement Laws Protect Consumers? The practice around debt consultants in Ontario continues to... Read more »
Why Budgeting is a Bad Idea
One of the most common resolutions is to make a budget and stick to it. I have some advice for you: Don’t bother. Budgets are like diets: they are hard to do, and after a week,... Read more »
The Secret To Budgeting: Pay Your Bills As You Get Paid
No one likes to budget but you need a way to make sure your bills are paid each month. Doug Hoyes, Chartered Accountant and Licensed Insolvency Trustee, tells the secret of how to manage your... Read more »
Debt Settlement vs. Consumer Proposal – What’s the Difference?
A married couple was in to see us this week. They have about $45,000 in debt, and they had spoken to a debt settlement firm who had advised them that they would attempt to settle their... Read more »
The Problem with Debt Consultants
We’ve all heard or seen the ads: “Government program will reduce your debts! Call now! See if you qualify!”. Most of us have also received phone calls from telemarketers (they always call when you are... Read more »
Divorce and Bankruptcy: The Government Should Change the Rules
Usually on the Hoyes Michalos Blog we discuss technical matters about bankruptcy and consumer proposals. Occasionally, however, we “kick it up a notch” and take a more aggressive position, arguing against injustices we see in the... Read more »
Credit Counselling & Debt Management Plans. Right Solution?
Not everyone who contacts us needs to file a bankruptcy or proposal. In many cases we direct people to a better solution based on their situation. An option we review with you is a debt... Read more »
Debt Consolidation vs Bankruptcy
When considering your options to deal with debt, many people will explore the idea of a debt consolidation loan before considering bankruptcy. Whether a debt consolidation loan or bankruptcy is right for you depends on... Read more »
What Can I Do If I Can’t Pay My Student Loans?
The concept behind student loans is that everybody is supposed to win. Student loans are an investment by the government in you. They lend you money so that you can further your education. You further... Read more »
Creditor Opposition to Bankruptcy Discharge – Delaying Your Fresh Start
Bankruptcy exists, according to the law, to give the “honest but unfortunate” person a discharge, or release, from their debts so they can get a fresh start. But what happens if that fresh start is delayed?... Read more »