Debt Solutions in Toronto – Licensed Insolvency Trustees

Dealing with Debt and Financial Problems in Toronto

Are you tired of struggling with debt payments?

It is possible to consolidate and cut your debt by up to 70%.

It’s easy to get into debt, especially in a high cost city like Toronto. Residents of the Greater Toronto Area face unique financial challenges when it comes to managing debt. The average price of a house in Toronto has tripled in just two decades. This has financial implications for both homeowners and renters. High housing prices mean large, and often high-risk mortgages. Landlords pass the costs to tenants in the form of high rents. All of this means that Toronto has a very high cost of living.

And living expenses are rising faster than income. When this happens you borrow, using debt to make ends meet. This might start as a few hundred dollars placed on a credit card, but eventually, it escalates to more expensive forms of debt like payday loans and high-interest financing loans. Eventually, you find yourself paying more interest every month with no expectation that you’ll ever pay off your principal balances.

You are not alone in facing such a heavy consumer debt load. Here is the debt profile of the average person we help in the Toronto area.

Average Unsecured Debt and Typical Savings for Our Toronto Clients

  Total Debt Settlement Savings
Brampton $51,371 $18,000 $33,371
Markham $64,508 $22,500 $42,008
Mississauga $56,964 $19,800 $37,164
North York $44,357 $15,000 $29,357
Scarborough $47,144 $16,500 $30,644
City of Toronto $56,564 $19,500 $37,064
Vaughan $44,984 $15,600 $29,384
Average GTA $53,537 $18,000 $35,537

Every financial situation is unique. Set up a free consultation to review your budget and debt problems and see how much you can save.

Get Help Now

Client Reviews

Our process 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’ve been helping people living and working in the Toronto region find the right debt solutions to get out of debt since 1999. We’re proud 

  • Jackie F. Avatar
    Jackie F.
    10/25/2020 - Google

    My experience with Hoyes, Michalos & Associates was very good. I find myself in a difficult spot with paying my Bill's and wasn't sure which route to go bankruptcy or... read more

  • Zorica P. Avatar
    Zorica P.
    4/27/2020 - Google

    This company realy want to help people!!!They are amazing ,trustworthy people!!Thank you Brian!!!!!

  • Queena B. Avatar
    Queena B.
    12/05/2020 - Google

    I came to the firm in absolute distress. Most people think that you get into debt because you don’t want to pay your bills but that was not the case.... read more

  • Mubashar “. Avatar
    Mubashar “.
    10/27/2020 - Google

    An excellent group of down to earth professinals who provide superb advice and service.

  • Tony P. Avatar
    Tony P.
    1/02/2021 - Google

    Never experiencing this before I’ve found the website of Hoyes, Michalos very educational and helpful. During the first interview at their North York office, the trustee took his time to... read more

  • Samantha E. Avatar
    Samantha E.
    1/11/2021 - Google

    I was really stressed about my debt. I was going to file for bankruptcy. But after talking with Benny, we decided that a consumer proposal would be best. After my... read more

  • Johanna L. Avatar
    Johanna L.
    5/21/2020 - Google

    Mine is a familiar story… drowning in credit card & tax debt in excess of my annual income & monthly ability to repay, plus being constrained by a hefty garnishment,... read more

  • Jeff P. Avatar
    Jeff P.
    7/22/2020 - Google

    I highly recommend them as for I was struggling with debt and was living pay check to pay check. A friend suggested calling this Hoyes, Michalos & associates to hear... read more

  • John D. Avatar
    John D.
    10/07/2019 - Google

    I was going through a lot of difficulties, I could not find a way out. IN searching for all avenues I could think of, I landed on the Hoyes MIchalos... read more

  • Barry P. Avatar
    Barry P.
    1/12/2021 - Google

    I usually dont do reviews...BUT this one I had to do. I didnt read any other reviews thus far, but all I have to say about this firm is that... read more

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Debt Solutions in Toronto

Hoyes Michalos is one of Toronto’s largest Licensed Insolvency Trustee firms focused solely on helping individuals find a way out of debt.

Why Talk with a Toronto Licensed Insolvency Trustee like Hoyes Michalos?

Licensed Insolvency Trustees are the only debt professionals trained and regulated by the Canadian government. We are the most qualified to help you explore a full range of debt solutions and take charge of your debt. If you choose to file a bankruptcy or consumer proposal, this service can only be provided by a Licensed Insolvency Trustee. Your trustee will deal with your creditors for you and can stop collection calls and wage garnishments.

Bankruptcy Services

Bankruptcy is always the option of last resort however you do not lose everything if you do need to file bankruptcy. Many assets are exempt from seizure by your trustee including your personal belongings, household items and even a car with a low dollar value.

Our Toronto bankruptcy team will meet with you and review your financial income to see if bankruptcy really is the best solution. In many cases, bankruptcy can be avoided. If however, you need to file bankruptcy, we will be available to answer any questions you have along the way.

Consumer Proposal Services

Bankruptcy is not your only option though. Nine out of ten of our Toronto clients file a consumer proposal as an alternative to bankruptcy. If you do have assets you want to keep, we can guide you in learning how a consumer proposal works.

Consumer proposals in Toronto are a debt option that allows you to make a deal with your creditors to repay less than you owe. Your settlement is based on your income and what you own, but savings of as much as 70% of your debts are possible. If you choose to file a consumer proposal, your trustee will negotiate with your creditors to achieve a reasonable monthly payment that you can afford.

A consumer proposal can help you:

  • Consolidate unsecured debt
  • Make only one, single, lower monthly payment
  • Eliminate interest
  • Stop creditor actions
  • Keep your assets

Would you like to reduce your debt by up to 70%, keep your assets and avoid bankruptcy. See if you qualify for a consumer proposal.

Get Started

Debt Consolidation Options

As a Licensed Insolvency Trustee, Hoyes Michalos has the experience to help you review your debt consolidation options. There are so many Toronto consolidation programs available to people in the Greater Toronto Area, it’s hard to know where to start. We can help you compare the merits of a debt management plan, debt consolidation loan or consumer proposal.

For homeowners, you may be able to use the equity in your home to get out of debt. Even here, you have options. Hoyes Michalos can help you compare the risks and costs of taking on a second mortgage with using the equity in your home to make a repayment plan through a consumer proposal.

Credit Counselling Services

Hoyes Michalos provides Toronto credit counselling services both before and after you file. When you call us, we’ll help you create a plan that is affordable to you. During your free debt assessment, your trustee will ask you a few simple questions. Who do you owe money to? What do you own? What is your income and household budget? With this information, your Toronto trustee will review all possible debt solutions with you including, debt consolidation, bankruptcy, and a consumer proposal.

When you file a consumer proposal or bankruptcy you also receive 2 free credit counselling sessions. This is part of the bankruptcy and consumer proposal process and is designed to help you learn how to budget, manage money and how to rebuild your credit.

Why Choose Us?

With 9 locations across Ontario, an A+ rating on the Better Business Bureau and an excellent rating from our clients, we will work tirelessly to provide you with the best debt solution for you and your family.

When working with Hoyes Michalos you are guaranteed respect, confidentiality, and expert financial advice. At Hoyes Michalos we believe you should always talk with a professional. For over 20 years we’ve focused solely on helping individuals find debt relief. 

To reach us, call us at 1-866-747-0660 or contact any of the trustees in any one of our Greater Toronto Area locations.