Hoyes Michalos and Associates Ontario Personal Bankruptcy Blog: Bankruptcy

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Bankruptcy

Hoyes Michalos and Associates Ontario Personal Bankruptcy Blog

Discusses personal bankruptcy issues and the legal aspects of bankruptcy for residents of Ontario, Canada.
By Hoyes Michalos and Associates

Post Frequency: 1.3/day

Last Entry: April 01, 2011 at 03:25:28

Do You Know Who You Are Dealing With?

Posted on March 29, 2010
Debt consultants promise to lower your debt, but often all they do is charge you a fee and refer you to a bankruptcy trustee. In this article we explain the process, and the tricks to watch for.

Massive Increase in Personal Bankruptcy in Ontario

Posted on March 03, 2010
Massive increase in bankruptcy and proposal filings in Ontario: debt levels high; more problems in the future if interest rates increase.

Would You Talk About Being Downsized on TV?

Posted on January 25, 2010
Would you appear on TV to talk about losing your job, if it would help you find a job? CTV is looking for people who have been downsized to talk about their experiences.

Canada Mortgage and Housing Corporation (CMHC) and Tax Refunds

Posted on January 20, 2010
CMHC can take your tax refunds until the debt is paid, unless you file bankruptcy

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Top Five Tips For Financial New Year?s Resolutions

Posted on December 28, 2009
Top five tips for your financial New Year's Resolutions.

Christmas Debt Survival Tips: Frugality is the New Bling

Posted on December 14, 2009
Frugality is the new bling: how to avoid debt problems this Christmas

Massive Increase in Personal Bankruptcy Rate in Ontario and Canada

Posted on November 20, 2009
Massive increase in personal bankruptcy filings in September 2009

Asking Your Questions Live on the Radio

Posted on November 06, 2009
We receive hundreds of e-mails every day from people experiencing financial hardship. Several of these e-mails ask similar questions so we have decided to provide answers live on the radio at 12 noon on Saturday November 14, 2009. Scott Schaefer, the bankruptcy trustee responsible for our Kitchener office, and Howard Hayes from our Cambridge office, are [...

Credit Education Week Canada

Posted on October 28, 2009
Canada’s third annual Credit Education Week starts next week, and it’s a great opportunity to learn more about money management. At least once a week I meet with someone who says to me “I got in to financial trouble because I never learned how to manage money...

Make the Call, We are Here to Help

Posted on October 14, 2009
I recently joined Hoyes Michalos, and I work in our London and Sarnia offices. Previous to joining Hoyes Michalos I spent 6 years as a credit counsellor. One theme that comes up again and again in my work is that folks we see are hesitant to call for help...

A Small Victory in the Fight For Fairness in Bankruptcy Rules

Posted on September 29, 2009
Douglas Hoyes explains the fight to improve bankruptcy rules

Record Day for Bankruptcy Filings, and Some Predictions

Posted on September 21, 2009
The new bankruptcy rules are here. As I have been discussing for many months here on the Hoyes Michalos Bankruptcy Blog the new rules came into effect on Friday September 18, 2009. To beat the new rules many people filed bankruptcy in the few days leading up the rule changes...

Get Ready for the New Bankruptcy Rules

Posted on September 12, 2009
On September 18, 2009 the cost of bankruptcy will increase for many Canadians. Readers of the Hoyes Michalos Bankruptcy Blog will know that we have advocated for change for many years. In February 2008 Ted Michalos and I were the only personal bankruptcy trustees to be given a full hour to testify before the Senate [...

Talking on TV About The New Bankruptcy Rules

Posted on August 11, 2009
As we move toward the implementation of the new bankruptcy rules on September 18, 2009, the world is starting to notice. I did a live interview today on BNN - The Business News Network. You can watch the interview on the BNN web site. At the end of the interview I explained that [...

New Bankruptcy Rules On September 18, 2009

Posted on August 09, 2009
In December, 2007 the Parliament of Canada passed new bankruptcy rules, but they did not implement the new rules. This created considerable uncertainty for all Canadians in financial difficulty, because they didn’t know whether they should file a consumer proposal or bankruptcy now, or wait until the new rules were implemented...

Personal Bankruptcy Rate in Ontario Jumps: No End Yet to Recession

Posted on July 02, 2009
Back in May I reported on the massive increase in the personal bankruptcy rate in Ontario. I am sad to report that the personal bankruptcy rate continues to jump. We have just finished the month of June, 2009. June is typically not a very busy month for us here at Hoyes Michalos...

A Response from the Ministry of Industry (Sort Of)

Posted on June 18, 2009
On May 19 I asked the question: When will the government help the average Canadian? Parliament has passed laws to make it easier for Canadians to make a proposal to their creditors and avoid personal bankruptcy, but they have not implemented these new rules...

A response from the Prime Minister (sort of)

Posted on May 29, 2009
Back on May 19 I asked the question: When will the government help the average Canadian?� We are in the depths of a series recession; the federal government has passed new rules that would help the average person, but they have not yet implemented the rules...

When will the government help the average Canadian?

Posted on May 19, 2009
The federal government has passed two laws to help people in financial trouble, but for some unknown reason the government refuses to bring the laws into force. Bill C-55 makes it easier to file a consumer proposal, and was given Royal Assent on November 25, 2005, and Bill C-12, which makes it easier for bankrupts to [...

Massive increase in personal bankruptcy rate in Ontario

Posted on May 12, 2009
The personal bankruptcy rate continues to grow. 2008 was a record year for personal bankruptcies, and 2009 has started at an even faster rate of growth, according to statistics just released by the Office of the Superintendent of Bankruptcy. Consumer bankruptcy filings in 2008 increased by over 16% in Ontario in 2008...

Will I be able to get credit again after bankruptcy? How long will it take?

Posted on May 11, 2009
You know that you are having financial problems, and you have decided to call a bankruptcy trustee and you are pretty sure that you are going to file for personal bankruptcy. There is just one more question you want to ask: ?How long will it take for me to be able to get credit again?? [...

Bankruptcy rate rising faster than ever

Posted on May 04, 2009
The number of personal bankruptcies continues to grow at an ever increasing rate. The number of people who filed for bankruptcy in Canada in 2008 was the highest number on record. Consumer bankruptcy filings in 2008 increased by over 16% in Ontario in 2008...

Debt Consolidation Loans: The Hidden Trap

Posted on April 20, 2009
A significant number of the people who call our 310-PLAN information line, or who complete our free bankruptcy evaluation questionnaire or who e-mail Hoyes Michalos with questions, are asking a simple question: How can I get a debt consolidation loan? The concept behind a debt consolidation loan is simple: you get a loan at [...

CBC Interview: What is Bankruptcy Like?

Posted on March 30, 2009
I was interviewed on Sunday March 29 on CBC Television on their CBC News Sunday program. You can watch the clip of the bankruptcy segment here. As the recession continues, personal bankruptcy in Canada is increasingly in the news. Bankruptcy rates are up, so the CBC wanted to do a story on how bankruptcy affects [...

Bankruptcy Coverage in the Media

Posted on February 05, 2009
The 310-PLAN helpline at Hoyes, Michalos & Associates has been “ringing off the hook” for the last few months, as an ever increasing number of people in financial difficulty place the call for help. As companies lay off workers, and as the real estate market collapses, an ever increasing number of people are in financial [...

Dealing with Debt in 2009

Posted on January 19, 2009
What will the year 2009 be like? I was asked to write a column for the 2009 Annual Forecast Issue of Rex Magazine, a magazine distributed to homes and business in Kitchener, Cambridge and Guelph. In my article, which you can read on the Rex Magazine website, I said that the world has changed...

The Economic Crisis on ProvinceWide and Canada AM

Posted on December 04, 2008
Over the past month I have received a number of calls from reporters asking for my thoughts on the economic crisis.� I’m always eager to share practical advice on how to deal with debt.� On November 8 I appeared on ProvinceWide on CTV Southwestern Ontario on a show called Your Money, Your Future (you can [...

Collection Agency Tricks

Posted on November 17, 2008
In my last post about collection agencies I discussed a letter of direction from the Ministry of Small Business and Consumer Services Debt Recovery Regulation Unit to the collection agency industry in Ontario. In this letter, the Ministry told the collection agencies operating in Ontario to stop sending people ?draft? legal documents with their collections letters [...

Collection Agencies: Tricks of the Trade

Posted on November 10, 2008
Many visitors to hoyes.com are experiencing problems with collection agencies. Recently, a Registrar with the Ministry of Small Business and Consumer Services Debt Recovery Regulation Unit issued a letter of direction to the collection agency industry in Ontario...

How to Survive the Economic Crisis

Posted on October 09, 2008
It seems that every time we open a newspaper or turn on the news we hear more stories about banks failing, bailouts, higher unemployment, and other economic bad news. All of this bad news is starting to take it’s toll on our outlook on our economic future...

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