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.
I spoke to Mr. Douglas Hoyes, he answered all my questions very patiently. He is a thorough professional. I would definitely recommend him and give him five star rating.
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I had a great experience, filing my consumer proposal here. Other than the initial signing with documents, Everything can be done digitally, which is a big help for me as somebody who works from home. I remember in our first interactions they were very helpful and taught me a lot.
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It’s never easy, going through consumer proposals or even bankruptcy. But Scott Terrio at Hoyes, Michalos made it easy. Treating me with dignity and respect through it all. I’m on the road recovery thanks to him. I would definitely recommend this legal team on your side in difficult times!
Thank you.
Sean.
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Find Our Downtown Toronto Bankruptcy Office
DIRECTIONS: Our Downtown King Street office is located at the corner of King Street and Yonge Street. It is the heritage Royal Bank tower and the entrance is on King Street just past Sleep Country. If this location is not convenient, we have 8 other Greater Toronto Area locations to serve you.
Consumer Proposals in Downtown Toronto
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 Downtown Toronto team today to talk about how a consumer proposal can help you get out of debt and avoid bankruptcy.
Debt Consolidation vs Consumer Proposal
When you’re dealing with high credit card balances, tax debts, or other unsecured obligations, traditional debt consolidation through a bank loan might seem appealing. However, while using home equity through a second mortgage can help consolidate debts, it’s important to understand the risks – especially if you’re already struggling with mortgage payments or facing high interest rates due to credit challenges.
A consumer proposal provides more protection and better terms than traditional consolidation loans. Instead of borrowing more money or risking your home equity, a proposal allows you to reduce your total debt while keeping your assets secure. Our Downtown Toronto team can help you compare these options, considering factors like:
- Your current mortgage terms and payment stability
- Available home equity and current market rates
- Total unsecured debt load
- Monthly cash flow and budget constraints
- Long-term financial goals
Let our licensed professionals help you evaluate whether you qualify for a consumer proposal. Contact our Downtown Toronto office for a free, no-obligation consultation to explore all your debt relief options.
Filing Personal Bankruptcy in Downtown Toronto
When overwhelming debt becomes unmanageable, bankruptcy in Ontario offers immediate legal protection and a path to financial recovery. Filing bankruptcy provides relief from aggressive collection actions, wage garnishments, and mounting interest charges, allowing you to focus on rebuilding your financial future.
Our Downtown Toronto Licensed Insolvency Trustees will help you understand how bankruptcy works, what assets you keep or lose, and how it will affect your credit and future financial options. We’ll review your specific situation, including:
- Your current income and expenses
- Total debt load
- Asset values
- Future earning potential
- Need for creditor protection
As federally licensed professionals, we can also help you compare bankruptcy to a consumer proposal, which might allow you to keep more assets while settling your debts. Contact our Downtown Toronto office today for a free, confidential consultation. We offer flexible appointment times to help you explore all debt relief solutions and find the best path forward for your circumstances.
Downtown Toronto 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 Downtown Toronto team today at 1-866-747-0660.
Debt Relief Experts
