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 can help individuals residing in Kingston, as well as, the surrounding regions of Latimer and Bath, Ontario.
Working with Brett Nicholson of Hoyes Michalos was such a positive experience—it felt like a huge weight was lifted off my shoulders. From the very first meeting, they were understanding, supportive, and never made me feel judged about my situation.
They walked me through everything step by step and made sure I understood all my options. What I really appreciated was how approachable and transparent they were. Anytime I had a question (and I had a lot!), they took the time to explain things in a way that actually made sense.
Thanks to their help, I feel like I’ve finally got my finances back on track, and it’s such a relief. If you’re feeling overwhelmed and need some guidance, I can’t recommend Brett @ Hoyes Michalos enough. They really do care and want to help.
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Jamie has been absolutely amazing and helpful during this process with me. It was originally very anxiety inducing but she helped me understand everything that was going on. Couldn't recommend more.
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They guide me all throughout sends reminder on how to go about spending your money wisely and for that I really appreciated all their help and consideration in helping me back on my feet I will forever thank these firm.
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Consumer Proposals in Kingston
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.
A Consumer Proposal could be a good choice if you have debts totalling less than $250,000 (excluding any mortgage on your principal residence) and you’re struggling to pay back those debts but could do so if you were given more time to make the repayments. With a Consumer Proposal, a portion of your debt is written off.
Here are the top 10 benefits of a consumer proposal.
- write-off up to 80% of your debts
- stop collection calls
- stops legal action, such as 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 Kingston team today to talk about how a consumer proposal can help you get out of debt and avoid bankruptcy.
See What You Could Save with a Consumer Proposal
Unsure whether a Consumer Proposal is the right debt relief for you? Try our debt repayment calculator for free to discover how much you could save.
Debt Consolidation vs Consumer Proposal
Debt consolidation loans can help some individuals who have a significant amount of unsecured debts. However, they aren’t the answer for everyone. If a debt consolidation loan is lower interest than your existing credit cards or payday loans, you’ll save money and get some breathing space by using one.
Unfortunately, many people who face financial difficulties don’t qualify for a low-interest loan because their credit scores are already poor. Switching one set of high-interest debts for another could become more costly, and taking out secured debts to pay off unsecured ones is incredibly risky. Consumer Proposals offer an alternative to bankruptcy without taking on more debts.
Our Kingston 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 Kingston
Personal bankruptcy should be a last resort, but sometimes it is the right solution to help you get out of debt. Our Kingston licensed insolvency trustee can help you decide if filing bankruptcy is the best option to eliminate your debt.
If you’ve been considering applying for bankruptcy in Kingston, Ontario, it’s important to understand what debts can’t be discharged through the bankruptcy process. For example:
- Secured debts
- Recent student loans
- Some types of support payments
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 Kingston 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 Kingston
There is more than one viable option when it comes to finding legally binding debt relief in Ontario. 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. A consumer proposal is a binding agreement between you and your creditors that allows you to pay off a portion of what you owe over a period of up to five years. 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. This agreement can reduce your monthly payments and give you breathing space while helping you avoid bankruptcy and the lasting impact that has on your credit rating and your financial freedom.
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.
Kingston 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 are meant for those already in debt or with poor credit who try to 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.
Hoyes provides credit counseling and can help individuals understand their financial situation to choose the best course of action. From student loan forgiveness to beating credit card debt and payday loans, our team can assist with all kinds of financial issues.
Why Talk With a Licensed Insolvency Trustee?
Our trustees offer free, no-obligation consultations via phone and video to help you take control of your finances. If you’re overwhelmed by your debts, we can help you regain financial stability.
If you would like help becoming debt free, call our Kingston debt help team today at 1-866-747-0660.
Debt Relief Experts
