What Our Clients Say
We help people from a wide service area including Ottawa, Nepean, Barrhaven, Stittsville, Kanata, Greely, Manotick, Munster, Osgoode, Metcalfe, Gloucester, Alta Vista, Blossom Park, Riverside Park, Emerald Woods, Sawmill Creek, Greenboro, South Keys, Hunt Club, Winchester, Findlay Creek, and Riverside South.
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.
Really, very pleased with the results from working with Maureen and Brennan at Hoyes, Michalos & Associates! They have been phenomenal every step of the way, making things easy to understand, while also providing me a lot of insight and clarity on what’s happening with my situation. Overall, they are fantastic to work with and I highly recommend them!
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Dessy Savova
11/06/2024
Maureen is absolutely amazing. Super kind and respectful! She didn't make me feel bad for my situation and truly helped me sleep better at night.
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Terri L-C
9/30/2024
Very happy I made the decision to have Maureen help me with my issues. Not only was she very patient with my tendency to procrastinate, she guided me on what Info I needed to send and even helped me with alot of it, she also answered my million questions and went above and beyond to help me understand the process of how this all works. I’m finally seeing the light at the end of the tunnel towards debt freedom and better credit ! Thanks alot Maureen and the team!
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Janine Trivisonno
8/08/2024
Find our Ottawa Bankruptcy Office
DIRECTIONS: Our Ottawa office is located on the 3rd floor of 1900 City Park Drive. We are close to the Gloucester Centre. Free parking is available near the front of the building. If you are taking transit, it is an 11-minute walk from the Blair O-Train station, or you can catch the bus from Blair to a bus stop conveniently located within a 1-minute walk of the building. Once you arrive on our floor, please let the receptionist know you are there.
We also have an office location in Kanata.
Consumer Proposals in Ottawa
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.
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 Ottawa 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 Ottawa 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 Ottawa
Filing bankruptcy in Ontario can provide immediate relief when you’re facing overwhelming debt, mounting collection calls, or legal actions from creditors. It may be particularly helpful if you’re experiencing wage garnishments, dealing with significant credit card debt, or struggling with payday loans. Our Ottawa team helps individuals understand if an Ontario bankruptcy is the right choice, especially when minimum payments are no longer manageable or when debt repayment would take many years at your current income level.
Bankruptcy offers several key benefits for those who qualify:
- Protection from creditor actions and collection calls
- Elimination of most unsecured debts
- Ability to keep most essential assets
- A structured path to rebuild your financial life
- Professional support throughout the process
As Licensed Insolvency Trustees in Ottawa, we provide honest, expert guidance to help you make an informed decision about your financial future. We offer free consultations with flexible scheduling to ensure you understand all available options. Remember, while claiming bankruptcy can be an effective solution, it’s important to understand how it will affect your credit and future financial choices. Contact our Ottawa office today to discuss whether bankruptcy is the right path for your situation.
Differences Between Consumer Proposal and Bankruptcy in Ottawa
There are two legally binding debt relief plans in Ontario that will allow you and your family the ability to gain a new financial start. 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. In a consumer proposal, 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. The greatest benefit to the consumer proposal is that you can avoid bankruptcy, while achieving freedom from your debts.
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.
Ottawa 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 meant for those already in debt or with poor credit just 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.
Why Talk with a Licensed Insolvency Trustee?
If like many of our clients, you are struggling with debt repayment, this is a cycle that is best broken by working with a Licensed Insolvency Trustee near you. We are licensed by the Government of Canada to help you with your debts.
We can help you break free from debt.
If you would like help becoming debt free, call our Ottawa debt help team today at 1-866-747-0660.