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.
I had a problem with my credit card and was able to receive the help I needed with ease. I communicated with Hoyes.com by emails and phone calls. I felt heard and important. Thank you Hoyes.com for all your support.
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Hoyes, Michalos & Associates has been life-changing for me. Firstly, I would like to thank Benny Mendlowitz and Brennan Thompson for their amazing service, kindness and most importantly their understanding. This has been life-changing for me. I never thought there was a way out of the hole I was in. I had many mixed emotions and hesitations about consumer proposals, but Benny and Brennan clarified all my concerns. Their responses were detailed and timely, which make all the difference. I'm look forward to a new, debt-free chapter! Thank you ever so kindly again Benny and Brennan of Hoyes, Michalos & Associates! Take care and God Bless, Sharon Adams
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I recently had the pleasure of working with Hoyes, Michalos & Associates on organizing my finances by creating a plan tailored to me. I couldn’t be more satisfied with their service. From the very first consultation, their team demonstrated exceptional professionalism, empathy, and expertise. They took the time to thoroughly understand my financial situation and provided clear, practical advice tailored to my needs.
Throughout the process, they were always available to answer my questions and alleviate any concerns I had. Their transparent communication and supportive approach made a challenging situation much more manageable. Thanks to their diligent efforts, I now have a feasible plan to regain financial stability.
I highly recommend Hoyes, Michalos & Associates to anyone seeking financial assistance. Their dedication to their clients’ well-being is truly commendable.
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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.
- 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 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.
Debt Relief Experts
