What Our Clients Say
Our concept is simple. If you give us 30 minutes of your time, our knowledgeable, experienced team will help you build a plan to become debt free. We help residents of Cornwall and the surrounding regions of Long Sault, Lunenburg, Ingleside, and Lancaster.
Twice now Hoyes, Michalos and associates has settled my debt by making an affordable payment plan on my behalf... read moreTwice now Hoyes, Michalos and associates has settled my debt by making an affordable payment plan on my behalf with my creditor/collection agency. I'm so excited because soon I will be debt free and all thanks to Sandra Sykora ,she has been so amazing , non judgemental and always available to address all my concerns. She has been dealing with my creditors on my behalf. If you have any debt and can't afford to pay, collection is calling you and threatening you than you should call Hoyes, Michalos and associates ASAP. read less
Very happy dealing with Hoyes, Michalos & Associates. Billy Martel at the Burlington office of HM&A got me back... read moreVery happy dealing with Hoyes, Michalos & Associates. Billy Martel at the Burlington office of HM&A got me back on the right track and I'm glad to say it's all good now. Mr. Martel was kind, professional, understanding, and extremely helpful. He explained all my options and based on that I chose the best path forward. So glad I went to Hoyes, Michalos & Associates - highly recommend them! read less
The entire team at Hoyes and Michalos that I dealt with were extremely helpful in every step of the process... read moreThe entire team at Hoyes and Michalos that I dealt with were extremely helpful in every step of the process with their group. They took the time to answer any questions I had and to educate me in every aspect of the process to ensure that I understood the steps and process to take place moving forward. They were very understanding of the vulnerability that is felt through the entire process and assisted in making sure that the entire process was comfortable and headache free.
Austin Van Veen
Very knowledgeable, friendly and kind group of people who take the time to get to know who they are working with!! Thank you! read less
Consumer Proposals in Cornwall
A consumer proposal is a legal debt relief solution legislated with the federal government to consolidate and settle your debt for less than you owe.
Here are the top 10 benefits of a consumer proposal.
- write-off up to 80% of your debts
- stop collection calls
- stop a wage garnishment
- unfreeze your bank account
- legally binding on all unsecured creditors
- deals with CRA and payday loan companies
- you keep your assets including your tax refund
- reduce your monthly payment to something that is affordable
- no interest on monthly payments
- avoid bankruptcy
Hoyes, Michalos has a 99% success rate for consumer proposals we file. We work with you to craft an offer you can afford.
The cost of a consumer proposal is known upfront. What you pay is exactly, and only, what repayment you negotiate with your creditors at the beginning of the consumer proposal process. Once you complete your payments and the terms of your proposal, your debts are eliminated.
A consumer proposal can only be filed with a Licensed Insolvency Trustee like Hoyes Michalos. Learn how to file a consumer proposal or contact our Cornwall team today to talk about how a consumer proposal can help you get out of debt and avoid bankruptcy.
Debt Consolidation vs Consumer Proposal
If you have significant credit card debt, tax debts or other unsecured debts, you may be wondering if a debt consolidation loan, home equity loan or second mortgage are a good option to consolidate your debts.
There are risks with consolidating with a debt consolidation loan. You may have equity but may not qualify for a second mortgage at reasonable rates.
Our Cornwall debt professionals can help you review your debt restructuring options and compare the pros and cons of a new loan or second mortgage with making a formal, debt settlement offer to your creditors through a consumer proposal.
Filing Personal Bankruptcy in Cornwall
Personal bankruptcy should be a last resort, but sometimes it is the right solution to help you get out of debt. Our Cornwall licensed insolvency trustee can help you decide if filing bankruptcy is the best option to eliminate your debt.
No matter how serious the debt problem, remember there are always debt relief options. At Hoyes, Michalos you always talk to an expert. Consultations are free and we offer flexible appointment times. Call our Cornwall experts at 1-866-747-0660 or email us today.
A bankruptcy and consumer proposal can only be filed through a Licensed Insolvency Trustee. We are licensed by the federal government to help you deal with debt.
Differences Between Consumer Proposal and Bankruptcy in Cornwall
There are two legally binding debt relief plans in Ontario that will allow you and your family the ability to gain a new financial start. They’re known as Personal Bankruptcy and Consumer Proposal. With each of these solutions, you’re provided immediate protection from your creditors, meaning they can’t sue you or contact you. In a consumer proposal, you usually repay only a third of what you owe and you get to keep all of your assets, including tax refunds, investments, and home equity. The greatest benefit to the consumer proposal is that you can avoid bankruptcy, while achieving freedom from your debts.
When you file a personal bankruptcy, your payments vary based on your income and you may have to surrender some assets. A benefit to filing bankruptcy, especially if it’s your first one, is that it can be completed in as little as 9 months. In a consumer proposal, your repayment period can last up to 5 years.
At Hoyes Michalos, we don’t provide a one-size-fits-all solution to your money problems. We take our time and give every one of our clients a tailored plan to pay off their debts and have financial peace of mind.
Cornwall Debt Help
Debt problems don’t go away on their own. If you cannot afford to repay your debts on your own, as Licensed Insolvency Trustees we help you explore all your options and choose the solution that is best for you.
Break Free From Credit Card Debt
If you are only making minimum payments on your credit cards it will take you years to pay off your balances, if at all. We can help you consolidate your payments and make a settlement offer that can lower your credit card balances by as much as 70%. Your credit cards are rolled into one reduced monthly payment.
This is not a new loan, it’s a government-approved interest-free debt settlement plan payable over up to five years.
Stop the Payday Loan Cycle
Payday loans cause financial stress because the interest accumulates faster than you can pay it off. Over time this eats away at your paycheque. Once you fall behind, payday lenders use aggressive collection tactics like calling your employer and garnishing your wages.
We can include payday loans in your program and help you break the payday loan cycle.
Get Tax Debt Relief
Only a Licensed Insolvency Trustee has the options that can help you reduce your tax debt liability. We can negotiate directly with CRA to create a repayment plan, stop interest and penalties and settle tax debt. If CRA has frozen your bank account or garnished your wages, we can reverse those actions.
Student Loan Debt Forgiveness
Looking for help resolving student loan debt? If you have been out of school for 7 years, your government student loan debt can be discharged through a bankruptcy or consumer proposal.
Eliminate High-Interest Installment Loans
You may have tried to consolidate or pay bills by taking out a high-cost financing loan. While these types of consolidation loans can help you deal with the immediate demand for repayment, they come with an interest rate of 39%, 49% and even 59%. Installment loans meant for those already in debt or with poor credit just postpone, rather than solve the problem.
Unsecured loans, whether owed to a bank, credit union or financing company can be eliminated with payments determined based on what you can afford.
Why Talk with a Licensed Insolvency Trustee?
If like many of our clients, you are struggling with debt repayment, this is a cycle that is best broken by working with a Licensed Insolvency Trustee near you. We are licensed by the Government of Canada to help you with your debts.
We can help you break free from debt.
If you would like help becoming debt free, call our Cornwall debt help team today at 1-866-747-0660.