Consumer Proposals & Debt Relief in Sudbury

Licensed Insolvency Trustees & Credit Counsellors
Reduce Debt By Up To 80%
Get a Personalized Debt Free Plan

Call us today: 1-866-747-0660

Book A Free Consult

If you are feeling overwhelmed by your debt payments in Sudbury, Ontario, the licensed and experienced debt professionals at Hoyes, Michalos & Associates can help you achieve relief. For more than 20 years, we have empowered thousands of honest, hardworking Ontarians to get a fresh financial start.

Our Sudbury debt help team provides FREE PHONE AND VIDEO CONSULTATIONS to review the following services:

You will receive encouragement and debt advice from Licensed Insolvency Trustee, Doug Hoyes. Whether you owe high credit card debt, income tax debt, payday loans, or bank loans, he will work with you to tailor a debt solution that fits your personal financial situation.

Over 1,200 Sudbury residents file bankruptcy or consumer proposal every year. Debt problems can happen to anyone. Doug will take his time to walk you through all the debt relief options available and answer all of your questions. The best part is Doug can often help his clients avoid filing for bankruptcy to deal with their debt. He might suggest a consumer proposal as an alternative. In a proposal, you can reduce your debt by up to 80%, and you make only one interest-free payment per month. You may also determine that debt consolidation is the best route. In any case, Doug will advise you on all your options, leaving you with the freedom to decide the right course of action.

You might find it advantageous to start the consumer proposal process with an initial consultation and debt assessment over the phone or by video. If you decide to file, we make it easy to sign and complete your paperwork electronically. Credit counseling sessions can also be completed through video conferencing, which eliminates the need to miss work or schedule a time to attend the office. If you need to meet in person, this area is serviced through our Ottawa locations. Even though we don’t have a physical office in Sudbury, we’re committed to providing you with the best information to make an informed decision and working with you through the process.

Book Your 1 Hour FREE confidential, no obligation PHONE or VIDEO debt assessment with Doug today by calling toll free at 1-866-747-0660 or fill in the form on this page to send us an email.

Meet Our Sudbury Debt Experts

J. Douglas Hoyes, Licensed Insolvency Trustee

Doug Hoyes is a Licensed Insolvency Trustee, Consumer Proposal Administrator and a Chartered Insolvency and Restructuring Professional (CIRP). Doug is also co-founder of Hoyes, Michalos & Associates. Doug advocates for consumers needing debt relief to ensure they receive a fair and respectful debt management solution. He regularly comments in the media including publications and networks such as: Canada AM, Global News, CBC, The Globe and Mail, The Toronto Star, BNN Bloomberg, The Financial Post and CTV News. Doug is also the author of the personal finance book Straight Talk on Your Money – The Biggest Financial Myths and Mistakes…and How to Avoid Them. 

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 work the residents of Sudbury and the surrounding regions of Copper Cliff, Garson, Falconbridge, Lively, Creighton, Hanmer, Naughton, Chelmsford, and Capreol, Ontario.

Deborah Ambrose Avatar
Jennifer Kwon was excellent. She was very helpful and gave me all the information I needed, answered all my questions and made me feel okay with doing the proposal. I highly recommend Hoyes, Michalos!
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Deborah Ambrose 12/04/2024
Russ Morin Avatar
Stop wasting your money and time..call this office, they will help you from day one, to the date of discharge. Best experience I've ever had. Mark was amazing and very patient. Found a way to help my life turn for the better and put a stop to endless bills and disgusting interest rates. Now being successfully discharged I'm able to start from scratch and learn from my past mistakes.

Thank you for this chance Hoyes!

Kind regards

Russel.
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Russ Morin 11/30/2024
Mark Parsons Avatar
Very knowledgeable, friendly and helpful in dealing with a stressful situation. Also helped after the entire process was complete. Dealt with Scott Schaefer in the Kitchener/Waterloo office, and would highly recommend him and the Hoyes team if in need of debt help.
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Mark Parsons 11/27/2024

Consumer Proposals in Sudbury

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. Consumer proposals are an increasingly popular alternative to bankruptcy in Sudbury. These instruments offer a way to manage your debt without the severe consequences of bankruptcy.

If you have unsecured debts between $1,000 and $250,000 (excluding a mortgage on your principal residence) and are struggling to keep up with payments, a consumer proposal might be your best bet. This process allows you to settle your debts for less than the full amount owed, typically over a period of up to 5 years, while protecting your assets and avoiding bankruptcy’s harsher penalties. It’s particularly beneficial for those with a stable income who can afford a portion of their debt but need more manageable payment terms.

Here are the top 10 benefits of a consumer proposal.

  1. write-off up to 80% of your debts
  2. stop collection calls
  3. stop a wage garnishment
  4. unfreeze your bank account
  5. legally binding on all unsecured creditors
  6. deals with CRA and payday loan companies
  7. you keep your assets including your tax refund
  8. reduce your monthly payment to something that is affordable
  9. no interest on monthly payments
  10. 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 Sudbury 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 Sudbury 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 Sudbury

Personal bankruptcy should be a last resort, but sometimes it is the right solution to help you get out of debt. Our Sudbury 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 Sudbury 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 Sudbury

When facing significant debt, it’s important to understand the key differences between a consumer proposal and bankruptcy, as the choice between these two options can have long-lasting effects on your financial future. Both options are legal processes overseen by Licensed Insolvency Trustees, but they offer different paths to debt relief.

A consumer proposal allows you to negotiate a settlement with your creditors, paying back a portion of your debts over time while retaining your assets. This has a less severe impact on your credit score than bankruptcy and doesn’t require the surrender of your assets. Bankruptcy does involve the liquidation of non-exempt assets to pay off creditors and can provide a quicker discharge from debt, but it also carries more significant consequences for your credit history and future borrowing ability. Both options provide immediate protection from your creditors, meaning they can’t sue you or contact you.

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.

Sudbury Debt Help

If you’re feeling overwhelmed by debt in Sudbury, you’re not alone. Job loss, medical bills and everyday expenses all contribute to debt. Debt consolidation, credit counseling, and payday loan alternatives may help. As Licensed Insolvency Trustees, we help you explore all your options and choose the solution that is best for you.

Experience Credit Card Debt Relief

Paying only the minimum on your credit cards can leave you stuck in debt for years, with little progress. We offer a solution that consolidates your payments and negotiates a settlement, potentially reducing your total credit card debt by as much as 70%. This means you’ll have just one lower monthly payment to manage.

Unlike a loan, this is a government-approved debt settlement program that’s interest-free and can be paid off over a term of up to five years.

Break Free from the Payday Loan Cycle

Payday loans are notorious for being challenging to cope with, and for good reason. They often spiral out of control of the one borrowed sum, piling up interest faster than you can repay. Payday lenders often resort to harsh and sometimes borderline predatory collection methods, such as calling your employer and garnishing your wages.

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.

High Installment Consolidation Loan Alternatives

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.

Fortunately, unsecured debts owed to banks, credit unions, or finance companies can be completely wiped out through a repayment plan tailored to your financial situation and what you can realistically afford.

Why Talk with a Licensed Insolvency Trustee?

When facing financial difficulties, consulting with a Licensed Insolvency Trustee is a critical step toward regaining control of your finances. LITs are the only professionals legally authorized to administer consumer proposals and bankruptcies in Canada, ensuring you receive expert advice and guidance throughout the process. At Hoyes, Michalos & Associates Inc., our trustees take a compassionate approach, working closely with you to understand your unique financial situation and explore possible solutions. We pride ourselves on offering transparent, non-judgmental advice, helping you make the best decisions for your financial future. With our extensive experience and commitment to client satisfaction, Hoyes, Michalos & Associates Inc. is the trusted choice for individuals seeking debt relief in Sudbury. Contact us today to schedule a free consultation and start your journey to financial freedom.

If you would like help becoming debt free, call our Sudbury debt help team today at 1-866-747-0660.

Call Us Today:

1-866-747-0660

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