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. Our debt experts meet with individuals in Cambridge and the surrounding regions of Galt, Paris, Ayr, St. George, North Dumfries, Branchton, Sheffield, Puslinch, Glen Morris, Roseville, and Plattsville.
Trustees were knowledgeable and handled my case efficiently and took care of my needs highly recommend them for your situation
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Extremely knowledgeable, helpful and courteous. I was happily surprised. And now I have so much stress taken off of me.
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Very friendly and knowledgeable! Howard helped me understand processes and explained the pros and cons of both bankruptcy and consumer proposal. He really helped me make a confident decision and walked me through everything! I highly recommend Hoyes Michalos. I had so many questions and he was always so kind and helpful, even during the time I was unsure what I was going to do.
Thank you!
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Find Our Cambridge Bankruptcy Office
DIRECTIONS: Located in the historic downtown Cambridge area and beside the University of Waterloo School of Architecture. Free parking is available.
Signs You Need Debt Relief
If you’re juggling multiple payments, using credit cards for necessities like groceries and utilities, receiving frequent calls from collection agencies and feeling overwhelmed by mounting interest charges, it might be time to seek help.
Our Cambridge Licensed Insolvency Trustees offer confidential consultations without judgment, providing guidance tailored to your needs.
Consumer Proposals in Cambridge
Filing an Ontario consumer proposal is a practical solution that can help Cambridge residents facing unmanageable, unsecured debts. It’s a legally binding agreement that allows you to settle your debts for less than you owe, with payments adjusted to fit your budget. Unlike bankruptcy, you keep your assets while protecting yourself from creditor actions and collection calls. This government-regulated program can reduce your debt by up to 80% while helping rebuild your financial future.
Take a look at our article about the 10 Benefits of a Consumer Proposal to learn more.
Debt Consolidation vs Consumer Proposal
While debt consolidation loans can help combine multiple debts into a single payment, they often require good credit and don’t reduce what you owe. A consumer proposal, on the other hand, is a legally binding arrangement that can help Cambridge residents reduce their total debt by up to 80%. A consumer proposal reduces the total amount you owe without requiring you to take on new debt or personal loans. It provides legal protection from creditors, can stop a wage garnishment, and offers a manageable repayment plan. As Licensed Insolvency Trustees, we can help you understand which option better suits your situation.
Credit Counselling Solutions in Cambridge
Credit counselling might be an option to consider if you’re seeking guidance on budgeting and managing your debts without entering a formal legal process. Debt management plans can help consolidate unsecured debt into a single payment, but as a debt solution, it has limitations:
- You’re required to repay the full amount owed plus additional credit counsellor fees
- Not all creditors may agree to the plan.
- Interest rates might be reduced but not eliminated.
- It cannot stop a wage garnishment or legal action unless the creditor volunteers to do so.
A consumer proposal offers a more effective solution by reducing the total debt and providing legal protection from creditors.
Filing Personal Bankruptcy in Cambridge
When debt becomes unmanageable, bankruptcy may offer a fresh start. Our Cambridge-based Licensed Insolvency Trustee brings years of local experience helping individuals and families overcome financial challenges. Howard will guide you through each step of the bankruptcy process, from initial consultation to debt discharge, ensuring you understand your rights and responsibilities. Take a look at our personal bankruptcy FAQ page to get answers to common questions.
Cambridge Debt Help
Our Cambridge Licensed Insolvency Trustee, Howard Hayes, will work with you to assess your situation, protect your rights, and develop a plan to resolve your debt problems.
Overcome Credit Card Challenges
We can help consolidate your credit card debts into one reduced monthly payment, potentially lowering your balances by up to 70%. Our team will work with you to create a personalized plan that fits your financial situation, helping you regain control and move toward a debt-free future.
Break Free From Payday Loans
Payday loans promise quick relief but can quickly trap you in a cycle of debt due to their excessive interest rates. Having a constant drain on your paycheque can make it difficult to cover essential living expenses. We can include your payday loans in a comprehensive debt relief program, helping you break the cycle and restore your financial well-being.
Find Relief From Tax Debt
Owing money to the Canada Revenue Agency (CRA) can be overwhelming when penalties and interest start piling up, with wage garnishments and frozen bank accounts disrupting your daily life and causing stress. LITs have the authority to negotiate directly with the CRA on your behalf so we can work to develop a repayment plan that suits your needs.
Resolve Student Loan Difficulties
Student loans can linger for years, impacting your financial freedom long after you’ve left school. If you’ve been out of education for more than 7 years, you may be able to have your government student loan debt forgiven through a bankruptcy or consumer proposal.
Escape High-Interest Installment Loans
High-interest installment loans are easy to acquire if you have poor credit, but their steep interest rates can make repayment nearly impossible. These loans often worsen financial difficulties instead of resolving them. We can help eliminate these unsecured debts by creating a repayment plan based on what you can genuinely afford.
Why Talk With a Licensed Insolvency Trustee?
Reaching out to a Licensed Insolvency Trustee is a proactive step toward overcoming debt. Our professional team in Cambridge offers the following benefits:
- As licensed professionals, we have the knowledge and experience to guide you through the legal processes involved in debt relief.
- There’s no fee to explore your debt relief options.
- We have extensive experience helping Cambridge residents navigate financial challenges.
- We tailor our approach to your unique financial situation and goals.
- We adhere to strict ethical guidelines, so you receive reliable and trustworthy guidance.
We can help you break free from debt.
If you would like help becoming debt free, call our Cambridge team today at 1-866-747-0660.
Debt Relief Experts
