Kitchener Ontario Personal Bankruptcy Blog

Bankruptcy Questions

2006-11-14T08:51:00.000-05:00

On Saturday November 18 at noon I will be appearing LIVE on Ask the Experts on 570 News to answer bankruptcy questions. My goal will be to answer the top 50 questions during the show. Since there is a newscast at noon and 12:30, the show lasts for about 50 minutes, so my goal will be to answer 50 questions in 50 minutes, so please tune in to get answers, or call in with your questions and I will answer them live on the air.

That's noon on November 18 on 570 News, or listen live on the internet at www.570news.com

Duties of a Bankrupt

2006-10-11T15:55:00.000-04:00

Before someone files bankruptcy they should ensure they understand their duties as a bankrupt as outlined in the Bankruptcy and Insolvency Act. These duties apply to both individuals and directors/officers of corporations. Below is a summary of the duties:

a) disclose and deliver all assets they own or are in control of - there are some assets (to certain dollar value depending on province - see Ontario limits here) that are exempt form seizure of a trustee, such as household goods, personal effects, vehicle, tools of the trade, and some insurance contracts;
a.1)deliver to trustee, for cancellation, all credit cards issued and have in possession;
b) deliver to trustee all required books, records, and documents relating to property and affairs; c) if specifically required, attend for an examination under oath to answer questions regarding conduct, cause of insolvency, and disposition of property;
d) prepare a statement of affairs detailing assets, liabilities and other prudent information, which then is sworn to be a true statement;
e) assist trustee with making a list of inventory of assets;
f) disclose to the trustee all property disposed of within the period of one year before the date of the initial bankrupt event;
g) disclose to the trustee all property disposed of by gift or settlement without adequate valuable consideration within 5 years prior to the date of the initial bankrupt event;
h) attend the first meeting of creditors if a meeting is called;
i) when required, attend other meetings with creditors or inspectors, or attend for trustee;
j) attend other examinations under oath with respect to property or affairs as required;
k) aid with trustee in realization of non-exempt property and the distributions of proceeds among creditors;
l) execute any powers of attorney, transfer, deeds and instruments or acts that may be required;
m) review creditors proof of claims if trustee requests;
n) if you are ware that someone filed a false claim, disclose this immediately to trustee;
n.1)inform the trustee of any material change in bankrupt's financial situation;
o) generally do all such things as a reasonable given situation with consideration for the law;
p) keep trustee appraised of the bankrupt's location at least until estate is completed.

This list may seem overwhelming, but in general, the Bankruptcy and Insolvency Act is there to give the honest but misfortunate debtor a fresh start, so this section ensures that someone acts honestly and in good faith.

More details can be obtained at the Office of Superintendent of Bankruptcy's website.

To discuss these duties and your financial situation, please call us at 310-PLAN or e-mail us.

Why it may be a bad idea for retired people to file for personal bankruptcy

2006-09-21T13:26:00.000-04:00

Every month I meet with a number of people in Kitchener who are retired, and have more debt than they can handle, and they want to know if they should file for personal bankruptcy.

Retired residents of Kitchener on a fixed income are in a difficult position. They worked their entire lives, but now find themselves on a reduced income. The cost of living increases faster than their fixed income pensions, and they find it hard to keep up. They use their credit cards to pay the bills, and after a few years they have accumulated more debt than they can ever hope to repay.

I always start these meetings by explaining their options. They can start by asking family for help, which is usually a difficult decision. They can sell off any assets they no longer need, such as a car they don't drive, or a house that is larger than they need.

If they have a large pension they could investigate a debt consolidation loan to reduce their monthly payments. If their income is not high enough to make debt repayments, they could investigate various bankruptcy alternatives, including talking to a local credit counselor about a debt management plan. A consumer proposal is another option.

Of course personal bankruptcy is also an option, but in many cases it is not legally necessary.

Personal bankruptcy is often referred to as bankruptcy protection because once you go bankrupt your credit card and bank loan lenders cannot garnishee your wages. But if you are retired and your income is from pensions, you don't have any wages to garnishee, so a bankruptcy may not be necessary.

If you open a new bank account at a new bank, it is possible that the creditors will not take any further action.

Of course getting phone calls is very stressful, so many older people decide to declare bankruptcy in Kitchener anyway, just for stress relief. That's fine, as long as your realize that you are going bankrupt more for stress relief than to receive legal protection from your creditors.

There are of course other factors to consider, both emotional and financial, so if you are someone you know is retired and having financial problems, please give our Kitchener bankruptcy office a call at 519-747-0660 or 310-PLAN, or e-mail us, and we will set up a no cost meeting to review your options in more detail.

Canada Revenue Agency Secured Claims

2006-09-14T13:36:00.000-04:00

At Hoyes, Michalos & Associates in Kitchener-Waterloo we meet with and help individuals that have a variety of financial difficulties. Sometimes, there are cases that have added technical issues that need to be resolved before we can put a solution in place to sort out their finances. For example, if the Canada Revenue Agency (CRA) has registered a lien on a person's home this needs to be investigated before a plan is developed. Similarly, if a person has arrears with the Family Responsibility Office (FRO) we need to address this before creating a plan.

This blog will outline some of the issues involved with respect to CRA and liens (see next week's blog to discuss FRO support arrears). General information is provided below - if you would like to discuss your specific situation please contact us via e-mail or at 519-747-0660.

CRA (formally Revenue Canada) has significant collections power legislated to them to collect tax related debts. They include simple collection calls, to garnishment of wages, to seizure of bank accounts, and even to registering on title on property. The method CRA selects to use to collect a debt varies depending on the type of debt, the amount owed, the nature of the situation, etc.

When it comes to tax related debts, understanding and dealing with them should always be a priority given the significant collection powers that CRA has. Do not ignore them, tax debts do not go away.

I have met with several individuals lately where CRA has registered a lien on their house. This effectively puts CRA right behind the mortgagor for the proceeds on the sale or refinancing of the house. Once a registration occurs, it cannot simply be removed through a personal bankruptcy (or proposal pursuant to the Bankruptcy & Insolvency Act).

If you have tax debts and having trouble dealing with them, we encourage you to seek help and understand your options. To book a free consultation call us at 519-747-0660 or e-mail us.

New and Improved Bankruptcy Kitchener Web Site

2006-09-09T08:11:00.000-04:00

Tax Debts More Widespread Than One May Think

2006-08-02T16:18:00.000-04:00

On Saturday July 29, 2006, Ted Michalos & myself were guests on the Ask the Expert Show on AM 570 News in Kitchener, Ontario. This one hour show was dedicated to talking about "Tax Debt: What Can You Do If You Owe Money to the Government" as part of Hoyes, Michalos & Associates' "Your Summer Survival Plan - A Radio Series on Dealing with Debt in Ontario". On the show we discussed the types of tax debt and the various plans to deal with tax debts.

As a result of the show, we have received various calls from individuals living in Kitchener, Waterloo, Guelph, Cambridge and other areas. Although each of their situations were different, they did have a common element - they all had tax debts and were having trouble dealing with them. Some examples of the calls are:

self-employed individuals owing GST, Source Deductions, and personal tax;
pensioners owing taxes for the first time in their lives as their pensions did not have enough taxes taken off resulting in tax debts too large to manage on a fixed income;
individuals who have cashed out their RRSP's as an attempt to get their other debts under control, only to find that not enough taxes were taken off and now they have a large tax debt; and
employees working more than one job just to make ends only to find out they have a tax debt at the end of the year due to working the multiple jobs.

Many individuals have the notion that tax debts are different from their other debts and have special rights - this is only partially true. Tax debt is governed by tax laws, there are special rules, and in addition, the Canada Revenue Agency (CRA - or formally Revenue Canada) has significant collection powers compared to other creditors. However, when it comes to a consumer proposal or personal bankruptcy, taxes are generally dischargeable debts (ie they go away upon completion of the procedure) just like your credit cards, bank loans, or other unsecured debts.

When it comes to tax related debts, your options for dealing with them remain the same. You can pay off the debts (through cash on hand, payment plan with CRA, sale of assets, borrowing, or other personal options available), file an notice of objection/appeal on the assessment, apply to the CRA's fairness program to reduce the penalties and interest, or file under the Bankruptcy and Insolvency Act for a consumer proposal or personal bankruptcy.

If you are experiencing financial difficulty with your tax related or other debts and would like to discuss your options in detail, please call Hoyes, Michalos & Associates at 310-PLAN or e-mail us a question. We have offices throughout Ontario that are available to work with you.

Avoiding Bankruptcy with a Mortgage in Kitchener

2006-07-22T17:42:00.000-04:00

As discussed in my previous post, this morning I appeared live on 570 News for a one hour Ask the Experts broadcast with Theresa Yates, a mortgage consultant with Mortgage Intelligence in Kitchener, Ontario who specializes in finding mortgages for people with less than perfect credit.

The title of the radio show was What Can You Do If You Own a Home and Have Money Problems, and Theresa made a number of good points on the show.

She commented that if you have a lot of high interest rate debt, like credit cards, but you also own a home that is worth more than is owing on the mortgage, it may be possible to borrow against the value of your home to reduce your monthly payments. This makes sense, because mortgage rates are a lot less than the 18% to 25% you might be paying on credit cards. Refinancing is obviously a better alternative than going bankrupt, which is why if you own a home with substantial equity we always suggest considering the re-financing option.

She also mentioned that it is possible to get a mortgage very soon after you have been discharged from personal bankruptcy, provided you have at least a 10% down payment (more is better) and a good source of income. That's good news for people who want to rebuild their credit as soon as possible.

She even discussed the possibility of re-financing a mortgage as part of a consumer proposal. There are a number of conditions that must be met, so a consultation with Theresa is necessary to see if you qualify.

We closed the show by commenting that there are many different solutions to financial problems. A consumer proposal or a personal bankruptcy may be a solution, but if you own your own home re-financing your mortgage may also be a step towards solving your financial problems.

For more information, you can e-mail Hoyes Michalos, or you can contact Theresa directly at www.mortgageintelligence.ca/theresayates.

Your Summer Survival Plan - A Special Six Part LIVE Radio Series

2006-07-13T13:18:00.000-04:00

I am pleased to announce that the professionals at Hoyes Michalos & Associates Inc. will be participating in a unique radio event: the Summer Survival Plan series.

We are constantly asked how to deal with collection agents, or what to do about tax debts, or how you can keep your home, even if you are having money problems. This special live radio series is designed to give you those answers.
This Saturday, July 14 at noon, we will be appearing live on 570 News in Kitchener for the first of this six part series. Tune in to 570 on your AM dial, or listen live to 570 News on the internet. The shows are live, so feel free to call in with your questions.

The shows will air live Saturday July 15, 22, 29 and August 12, 19, 26 from noon to 1:00 pm. For a list of show topics and full details, visit the Hoyes Michalos
radio schedule. If you don’t want to ask a question on the air, e-mail us a question and we will do our best to answer it on the air.

That's three Saturdays in July, and three Saturdays in August, live on 570 News.

Credit Counselling as a Bankruptcy Alternative in Kitchener

2006-07-10T16:21:00.000-04:00

I had a very informative meeting this morning with Heather Cudmore, the Manager of Credit Counselling at the Catholic Family Counselling Centre here in Kitchener.

Whenever I meet with anyone in Kitchener who is having money problems, I always explain that there are many options for dealing with debt. Of course I talk about consumer proposals and personal bankruptcy because that's what we do, but I always also mention credit counselling as a bankruptcy alternative.

Credit counselling involves meeting with a credit counsellor to review your monthly budget, and work out a plan to deal with your debts. If budgeting alone isn't enough, they can also help you with a Debt Management Program, where they contact your creditors and work out a repayment plan on your behalf, often with significantly reduced interest.

Catholic Family Counselling is the only not-for-profit credit counselling agency in Kitchener, and they are the only accredited member of the Ontario Association of Credit Counselling Services in Waterloo Region, so if you want a credit counselor, they are a great place to start. They are located at 400 Queen Street South in Kitchener.

They are a non-denominational agency, so you don't have to be Catholic to use their services.

Heather told me that the average person they help has $25,000 in debts. Their average client is between 30 and 50 years old, and most of them are employed, but having trouble making ends meet.

Catholic Family Counselling has great success helping people deal with credit card and bank debt, and they can also work out plans to deal with payday loans and even Revenue Canada debt.

Ms. Cudmore stressed that she sees her role as someone who provides options. Like me, her counsellors explain all options, including budgeting, debt consolidation, credit counseling, proposals and bankruptcy. She will give advice to clients, but she will also encourage people if they have any doubts to get a second opinion from friends, family, or other professionals.

I have always been impressed by the fact that they deal with their clients in a non-judgmental way; their primary concern is to find solutions to your money problems. And, as a full service counselling agency, they can also help with problems not related to debt.

Heather also makes frequent appearances speaking to groups. She has also appeared on the radio many times in the past; click here to hear her talk about credit counselling.

To reach Catholic family counseling, call them in Kitchener at 519-743-6333 and ask for credit counseling, or contact them through their Catholic Family Counselling Centre webiste.

Can a mortgage help me avoid bankruptcy?

2006-07-05T16:08:00.000-04:00

I had an interesting meeting this morning with Theresa Yates, a Mortgage Consultant with Mortgage Intelligence here in Kitchener. Every week I talk to people who own a home, but have too much credit card debt, and they don't know what to do.

For some, the answer is to sell their house, and use the proceeds to repay their other debts. Unfortunately once you sell your house you no longer own a house, and in some cases in Kitchener it costs just as much to own a home as it does to rent, particularly if you have children or pets.

Theresa explained that there are two other options.

First, if you have equity in your home, it may be possible to re-finance your first mortgage, or get a second mortgage, and use that money to repay your other debts. If you are paying 18% to 25% interest on your credit cards, and can get a mortgage at say 6% or 7%, this strategy makes a lot of sense. You can lower your monthly payments, and more of what you pay each month goes towards the principal, and less to interest, so you pay off your debts faster.

But what if you have $50,000 in debts, but only $30,000 in equity in your house? A second mortgage won't be enough to get rid of your debts.

The second option is use the equity in your house to do a consumer proposal. For example, we could go to the people you owe money to and offer them a lump sum payment of $30,000, in exchange for writing off the balance of your debt. Theresa has had success in the past in getting mortgages for people who then use the money to do a consumer proposal. It's a good deal for you, because the consumer proposal deals with your debts and helps you avoid losing your house in a bankruptcy. It's also a good deal for your creditors, since they get more money than they would receive if you filed for personal bankruptcy.

This is not a simple procedure. An experienced mortgage consultant is required to find the appropriate lender and make it happen.

If you have equity in your house, and more debt than you can handle, feel free to contact Theresa Yates or contact us for more information.

New Ontario Legislation for Exempt Automobiles

2006-06-28T09:55:00.000-04:00

Recently, the Ontario government passed new legislation which revised the rules around automobile exemptions. These exemption rules (pursuant to the Execution Act of Ontario) outline what assets are exempt from seizure (ie what individuals can keep) in a bankruptcy situation. The automobile exemption limit in Ontario is currently $5,650. The revision in the law deals with the situation of a vehicle worth more than $5,650.

Let's consider an example - an individual from Kitchener-Waterloo filed personal bankruptcy and his only asset was a vehicle worth $6,000 (there were no liens against the vehicle). If the individual filed personal bankruptcy prior to June 22, 2006, the individual would have to pay $6,000 to the trustee to keep the car or the trustee would be required to sell the vehicle as the vehicle was greater than the exemption limit.

Under the new rules (ie the personal bankruptcy was filed after June 22, 2006), the first $5,650 is exempt and the bankrupt individual could pay the difference of $350 ($6,000-$5,650) to the trustee and keep the vehicle. In the Kitchener-Waterloo area, vehicles are vital mode of transportation for individuals to get to and from work, therefore this revision in the law will assist individuals in keeping their vehicles under a personal bankruptcy.

At Hoyes, Michalos & Associates Inc. in Kitchener, Ontario, we understand that vehicles are a necessity in many individuals' lives. We can assist individuals develop a plan for the future and deal with their past debts, so to discuss your situation in greater detail e-mail us a question or give our Kitchener office a call at 519-747-0660 or 310-PLAN (no area code required) to arrange a free meeting to discuss your situation in more detail.

Related Links:
Good Government Act 2006 (see Schedule B Ministry of the Attorney General, Section 6(1) Exection Act)
Ontario Execution Act limits
Ontario Execution Act

Bankruptcy and divorce equalization payment

2006-05-10T12:42:00.000-04:00

Question received: I have an equalization payment owed to me. My spouse claims he will be filing bankruptcy and wants to pay the lump sum over 3 years.
Will my equalization owing be included in the bankruptcy?

Answer: Yes, if your ex-husband is obligated to make an equalization payment that has been ordered prior to him filing bankruptcy, then you become a creditor in the bankruptcy. The bankrupt husband's assets are no longer accessible to enforce a claim for equalization, as the assets vest with the trustee. If he is able to obtain a discharge from bankruptcy, then the equalization payment is discharged with the other debts.

Equalization, support and maintenance payments are governed in Kitchener-Waterloo, Ontario, by the Family Law Act. We are only giving you a very general answer; there are many different situations and orders, so we strongly encourage you to confirm the details with your legal counsel.

The Bankruptcy and Insolvency Act does provided for special treatment of debts that are for family support and maintenance. To discuss your situation in detail, please call our Kitchener office at 519 747-0660 or 310-PLAN.

What debts are not "cleared" through a Bankruptcy or Proposal?

2006-05-09T15:40:00.000-04:00

Debts can arise from many different sources - credit cards, loans, taxes, lawsuits, government overpayments, support payments, etc. When people reach a point when these debts are no longer manageable, they have the option of a personal bankruptcy or a consumer proposal. But what debts are included and not included?

In general, the Bankruptcy and Insolvency Act states that all debts are discharged or cleared through a personal bankruptcy or a consumer proposal except for the following:

- Federal or Provincial student loans that are under 10 years old, from the time ceased to be a full or part-time student;
- some debts with respect to support or maintenance under Family Law;
- a debt or liability arising from fraud, embezzlement, misappropriation, defalcation, false pretences, or fraudulent misrepresentation;
- any fines, penalties, or restitution orders that are imposed by the courts;
- any award of damages by a court for bodily injury, sexual assault, and wrongful death;
- a dividend (amount paid to the creditor from a bankruptcy or proposal) a missed creditor would have received in the process if they had received notice.

This list is based on the Act and there is several court precedents and interpretation into various situations. If you are from the Kitchener-Waterloo area and are experiencing financial difficulties with your debts, please call our Kitchener office at 747-0660 or 310-PLAN or e-mail us a question .

Does a Bankruptcy or a Consumer Proposal affect my spouse's credit rating?

2006-04-25T15:54:00.000-04:00

One concern that many individuals from Kitchener, Ontario have is: what is the impact that a personal bankruptcy or a consumer proposal will have on their spouse's credit rating?

First of all, credit ratings are individual specific, that is, they only report the history of one person. The spouse's name may appear on the credit rating under the information section. Therefore, the filing of personal bankruptcy or a consumer proposal by one spouse will not directly affect the credit rating of the other spouse.

The issue of concern is what debts are joint or co-signed. This would include any secondary credit cards on the main account. If the debts are joint, that means both spouses are responsible for the debts, jointly and severally. If only one person files a personal bankruptcy or a consumer proposal, the other party can be held responsible for all of the joint debts.

For more information on credit rating, please see Equifax at www.equifax.ca and/or Trans Union at www.transunion.ca.

At Hoyes, Michalos in Kitchener, Ontario, we work with many couples to review their debt situation and develop a plan for the future which deals with their past debts. To review your situation further, please e-mail us a question or call our Kitchener office at 747-0660 or 310-PLAN.

Taxes owing and not able to pay, what are the options?

2006-04-07T13:36:00.000-04:00

As a Chartered Accountant with an income tax background, I meet with many people from Kitchener, Ontario, who owe money to the Canada Revenue Agency (CRA or formally Revenue Canada). While each person's situation is different, the solutions available to deal with the problem are often the same. I am going to provide an example of a situation I had from a meeting today.

I met with Joe (I have left out some details for confidentiality reasons and Joe is not his real name). Joe is a roofer and works as a subcontractor for a larger company. He is paid by cheque for the time he works. There are no deductions for income tax or CPP. As a subcontractor he is personally response for the income tax and CPP on his self-employment earnings.

Joe's expertise was roofing - accounting is not something he was very good at. His income varied by month due to the weather and demand for his services. His income tended to be higher during the summer and lower (or none at all) during the winter months.

After three years of roofing, a CRA auditor contacted him. Joe had not filed his taxes during this time. Further, CRA assessed him for GST on his income as he had received in excess of $30,000 annually. To top it off, Joe was charged penalties and interest on all of these items.

The debts that Joe owes to CRA topped $40,000. Joe currently did not have the ability to pay this debt. Joe called Hoyes, Michalos & Associate Inc. in Kitchener, Ontario to review his options.

With meeting with Joe, we reviewed the options of dealing with CRA for payments, finding a bank loan, filing a consumer proposal, or to file personal bankruptcy. We considered Joe's future plans and goals to help him decide on a path that will deal with his past debts and allow him to have a future that he would like. Joe filed an assignment in personal bankruptcy that dealt with his past debts and gave him a fresh start. Joe now does his bookkeeping month and makes regular instalments for future taxes to prevent future tax debts.

At Hoyes, Michalos in Kitchener, Ontario, we assist many individuals work on a plan for the future and deal with their past debts. We understand that a financial strain can be a very stressful experience, so we encourage you to e-mail us a question or give our Kitchener office a call at 747-0660 or 310-PLAN to arrange a free meeting to discuss your situation in more detail.

You are not alone, bankruptcy more common than you may think

2006-03-31T15:28:00.000-05:00

Financial problems can affect individuals in every profession no matter where they are located. The Office of the Superintendent of Bankruptcy has released statistics detailing the number of Canadians that declared personal bankruptcy or filed a consumer proposal, and for first time in history, there were more than 100,000 filings during 2005 across Canada.

For Kitchener, Ontario, in 2005, despite having one of the strongest economies, there were still 1,058 individuals that obtained a financial fresh start by declaring personal bankruptcy or filing a consumer proposal. Specifically, 807 individuals filed a personal bankruptcy and 251 filed a consumer proposal in Kitchener-Waterloo.

At Hoyes, Michalos & Associates in Kitchener, Ontario, we helped hundreds of those individuals resolve their financial hardships and obtain a fresh start in a professional and personal manner. We understand that a financial strain can be a very stressful experience, so we encourage you to e-mail us a question or give our Kitchener office a call at 747-0660 or 310-PLAN to arrange a free meeting to discuss your situation in more detail.

Income tax returns not filed with the government?

2006-03-24T15:49:00.000-05:00

Have not filed your taxes for a while now because the debts may be unmanageable?

One type of situation that we see at Hoyes, Michalos & Associates Inc. in Kitchener, Ontario, is when an individual has not filed his/her income tax returns in the past few years as the returns will likely result in a tax debt that the individual could not handle along with his/her other debts.

Tax return debts occur for various reasons, including self-employed income with no tax withholdings, cashing out RRSP's, working more than one job, receiving pension income, and other situations.

If there is a tax balance owing on an outstanding income tax return and it is filed late, Canada Revenue Agency (CRA) will automatically charge a 5% late filing penalty and then accrue interest & penalties on the unpaid balance.

We always recommend that you have your outstanding tax returns prepared and filed so that the debt is known and a plan to deal with debt can be arranged. If the tax debt and your other personal debts become unmanageable, there may be a formal option available for you to get a fresh financial start. To discuss your situation in detail, please contact us or call us at 310-PLAN.

Should I get a debt consolidation loan to avoid personal bankruptcy in Kitchener?

2005-11-18T14:57:00.000-05:00

Every week I meet with people in our Kitchener personal bankruptcy office who have more debt than they can handle, and they are considering their options. One option many Kitchener residents consider is to get a debt consolidation loan to help manage their monthly payments.

In theory, a debt consolidation loan makes a lot of sense. Instead of having lots of payments on many debts at different times of the month, you consolidate and only have one payment, once per month, and that one payment may be lower than what you were paying before.

Debt consolidation loans make sense if you are "trading in" a high interest credit card payment for a lower bank consolidation loan interest rate, and if you can afford to make the new payments.

Unfortunately, in my experience meeting with thousands of people in the Kitchener area over the last ten years, there are two big problems with debt consolidation loans.

First, if you got into financial trouble because you spend too much, getting a debt consolidation loan won't solve your problem. If you pay off your credit cards with a consolidation loan, and then build up your balances on your credit cards again, you now have more debt than you had before! You are worse off.

Second, I have seen hundreds of people who don't qualify for a loan at a bank, so they go to a finance company and end up with a new loan at 30% interest, so they could pay off their 18% interest credit cards. They are now paying more in interest, over a longer period of time!

If you live in Kitchener and have more debt than you can handle, before you get a debt consolidation loan, do the math. Make sure that you can afford the payments, and if you get the loan, cut up your credit cards so you don’t get back into debt.

For many people, a consumer proposal makes more sense than a consolidation loan. It’s a way to deal with your debts without having to pay sky-high interest rates. Of course there is also the final alternative of personal bankruptcy to deal with debts.

Our professionals are available every weekday to help you decide if a debt consolidation loan is the correct answer for you, so e-mail us or give our Kitchener office a call at (519) 747-0660 or 310-PLAN to ask a question or to arrange a free initial consultation.

Where can I find personal bankruptcy experts in Kitchener?

2005-10-24T19:39:00.000-04:00

The Kitchener Personal Bankruptcy Blog is sponsored by Hoyes Michalos & Associates Inc., Kitchener Ontario's leading personal insolvency firm. Personal insolvency means we don't specialize in corporate bankruptcies; we specialize in helping residents of Kitchener and Waterloo and surrounding areas file personal bankruptcy or a consumer proposal.

We are located on the second floor of the plaza at 607 King Street West in downtown Kitchener. We share a parking lot with Zeke’s restaurant and Tim Horton’s, and we are in the same plaza as the LCBO.

You can see a map to our Kitchener personal bankruptcy office at Mapquest.

Most consultations in our Kitchener office are conducted by our Kitchener personal service team of Ted Michalos, Douglas Hoyes, Scott Schafer, Susan Jung and Jane Merling, although you may also meet with one of our trustees from one of our other offices when they are on one of their frequent visits to Kitchener.

To ensure that we have enough time to give you the personal attention you deserve, you must book an appointment. Appointments are generally available from 9 to 5, Monday to Friday. Appointments before 9:00 am and after 5:00 pm are also available most days of the week, so please e-mail us or give our Kitchener office a call at (519) 747-0660 or 310-PLAN if you have any questions, or to arrange a free initial consultation.

Kitchener residents now have a blog devoted to personal bankruptcy issues

2005-09-23T14:24:00.000-04:00

Welcome to the Kitchener, Ontario Personal Bankruptcy Blog, the only blog on the web devoted to personal bankruptcy issues in Kitchener, Ontario.

This blog is sponsored by Hoyes, Michalos & Associates Inc., Kitchener Ontario’s leading personal bankruptcy firm.

The contributors to this blog will include Douglas Hoyes and Ted Michalos, the co-founders of Hoyes Michalos. Our main contributor will be Scott Schaefer, a chartered accountant and personal insolvency expert based at the Hoyes Michalos head office in Kitchener, Ontario.

While we will discuss personal bankruptcy, we will also discuss a little know alternative to personal bankruptcy, called a consumer proposal, so bookmark this page and check back often for updates.

Feel free to e-mail a question or give our Kitchener office a call at (519) 747-0660 or 310-PLAN if you have any questions or comments.