Our knowledgeable team of Licensed Insolvency Trustees provide information and expert advice to help you on your way to becoming debt free. Our extensive debt help resource centre includes articles, videos, and podcasts on how to get out of debt including commonly asked questions about consumer proposals, bankruptcy, and debt consolidation options. Become informed about credit rebuilding and other money management tips as you search for a solution to your debt problems.
Trying to decide between a debt settlement plan and a consumer proposal? We explore a contract from a debt settlement firm, and why a consumer proposal is more often the better choice for you.
Learn about personal bankruptcy, consumer proposals and business bankruptcy in Canada. Compare options and costs to find the right debt solution for you.
Paying down credit card debt can be challenging if you carry large balances. We explain the benefits and potential drawbacks of using a personal loan to pay off credit card debt and provide other debt... Read more »
Dealing with credit card debt can be overwhelming, especially when you have multiple credit cards with high interest rates. That’s where credit card debt consolidation can help. In simple terms, it’s like organizing a messy... Read more »
Canadian homeowners are increasingly struggling to keep up with monthly mortgage payments. Rising interest rates have more than doubled mortgage payments for some homeowners, and the high cost of real estate has led to larger... Read more »
Learn how to get a mortgage after bankruptcy in Canada. Discover credit rebuilding strategies, down payment tips, and mortgage options to help you become a homeowner again.
When you owe money on your credit card, your credit card company can send your account to a collection agency or pursue legal action through the court. If you are behind on credit card payments... Read more »
Have you been contacted or threatened by a debt collector, and are curious about what you can do moving forward? We explore two types of debt relief options you can use and how they can protect you.
Owing money on a payday loan can be daunting, but this is especially true if you can’t repay your payday loan on time. These short-term, high-cost loans seem like a quick solution to money needs... Read more »
As a credit cardholder, one of your most important financial challenges revolves around credit card debt management. Your goals should be to keep outstanding balances low, avoid high interest rates, and pay your minimum payments... Read more »
Hoyes, Michalos has been tracking and reporting on homeowner insolvencies since 2007. Our homeowner insolvency index peaked in 2011 at 29.1% and has fallen steadily, reaching a low of 1.6% in 2022 and rising to... Read more »
The government sets a limit on how much income you can keep before you have to make extra bankruptcy payments. This limit is updated each year. Learn more about this threshold.
For Canadian homeowners, the mortgage renewal process is a significant aspect of their homeownership journey. While the prospect of mortgage renewal brings the promise of negotiating better terms, it doesn’t always go smoothly. Around 3%... Read more »
On March 10, Reddit exploded with reports of old City of Ottawa debts mysteriously appearing on credit reports. Based on reporting from CBC Ottawa, on January 12, 2024, the City of Ottawa signed a five... Read more »
Dealing with financial challenges often involves navigating through a web of debts, each with its own rules and consequences. Secured and unsecured debts pose different considerations, and understanding how a consumer proposal affects secured debt is crucial for anyone contemplating this debt relief option.
Consumer proposals in Canada are a debt relief solution for individuals drowning in debt, offering a structured plan for financial recovery. In this article, we'll explore how a consumer proposal works, explaining eligibility criteria, the filing process, legal protection, creditor considerations, and the pros and cons of this debt management strategy.
The past year has seen a steady erosion in financial stability for Canadian debtors. The result is that consumer insolvencies are rising rapidly. In my year-end post, I will outline what is behind the average Canadian debtor's re-accumulation of consumer credit and how that will impact consumer insolvency levels in the coming year.
A payday loan may be tempting, especially when you are in need of an emergency expense but beware! They do more harm then good and can put you into serious debt. Doug Hoyes explains the pros and cons of using payday loans for emergencies.
A consumer proposal is an affordable way to eliminate overwhelming debt. While there is a fee to file, these fees are included as part of the proposal process. Doug Hoyes explains the costs of a consumer proposal and how payments are calculated to fit your budget.
No one wants to be a fraud victim. It causes tremendous stress and we have also seen it lead to serious debt problems in some cases. In this post, learn how fraudsters use tricks and deceptions to steal your hard-earned money so you stay protected.
Revolving credit means credit cards and lines of credit. You probably use it everyday but it's important to understand all of its benefits and risks so you avoid financial trouble. Doug Hoyes explains in this post.
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