Yes, it’s the week before Christmas, you’ve probably gone way over your budget for gift buying and you still haven’t finished your shopping yet.  If you paid cash for your gifts you won’t have any problems in the new year, January will be like any other January.  If you used credit because you didn’t have cash then you’re one that is going to get that shocker credit card bill in the mail next month. 

Some of you will be able to pay the bills off over the next couple of months and be right back on track with your income and expenses.  Others will struggle for a while, maybe three or four months, paying only the minimum payments until you realize one of two things – the debts aren’t going anywhere or you spotted that little reminder on your statement that tells you how many years it’s going to take to actually pay the darn thing off. 

You, like everyone else will go into panic mode trying to figure out what’s next.  Well, I can help you with what’s next – book an appointment with a licensed trustee to hear your options.  If January comes around and you find yourself feeling stressed and don’t know what to do, we can help.  It may be just a matter of hearing your options to realize that you actually don’t need to file a bankruptcy or a consumer proposal, maybe it’s just help with budgeting that you need. 

Doug Hoyes, co-founder of Hoyes, Michalos & Associates, Inc. has done two videos on The Secret to Budgeting, Part One and Part Two.  Have a peak, I think you’ll be surprised at what you learn, even if it is January before you decide to look into anything.  In the meantime, Ian Martin of our Kitchener office has done a great blog on Knowing Your Holiday Spending Limit.  In fact, he was on Talk Radio in the Kitchener area just last Wednesday to talk about this exact subject.

If your December goes out with a bang and the new year rings in with large credit card debt, loans that you struggle to pay off or a line of credit that just keeps getting bigger, give us a call and let us help you.  We can be reached at our Hamilton and Burlington offices by calling 310-PLAN (7526) or 905-777-0770 or you can e-mail us directly.

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You’re at home, you’ve been through your finances time and time again and nothing seems to be changing.  You’re still behind in your bills and the creditors are still calling.  At this point, you’ve decided it’s time to get some professional help.  Time to seek out your options to help you manage your finances. 

Aside from all the “professional” help your family members and close friends may have offered in the past, your first stop should be to meet with a licensed trustee, one who is licensed through the federal government.  I can only assume you are googling right now, as that’s most likely how you found me.  The internet is a great source of information, but stick to the websites that are reputable and know what they’re talking about.  If it seems too good to be true, it probably is, so move on and google someone else.  Ok…you can stop googling now because you’ve found a reputable company who has been around for many years and who has helped thousands and thousands of people in situations just like yours.

So, you’ve found us, now what do you do? You can either fill out a confidential questionnaire and send it in so that we can contact you, or you can give us a call and set up a free initial consultation.  We will ask you to bring in proof of your debts, proof of all family income and proof of any assets you may own.  By having this at the consultation, we can better review your situation and present you with your options.  If, after reviewing your options you have decided to claim bankruptcy we will continue by filling out an application and probably sending you home with a list of some additional info that may be required before you sign the legal documents.

During your bankruptcy there are many duties that are required of you.  For a further explanation on how to file a personal bankruptcy in Canada I suggest you check out Doug Hoyes’ step by step instructions as it breaks down each part of the bankruptcy and what is expected from you.

If, after reading Doug and my blogs, you would like to file a bankruptcy or find out what other options you have, you can contact us by calling 310-PLAN or 905-777-0770 or e-mail us directly.

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Who doesn’t like a fresh start?

I know, sometimes this means change, which I’m certain some of you out there absolutely hate.  But what if change meant reducing your debt load, stopping creditors from calling, getting rid of that annoying garnishment or collection letters that are never ending, then change is good.  Right?

We’ve got day light savings coming this weekend, time to flip the mattress, change the batteries in your smoke detectors and take a good, hard look at your finances to see what can be done.  There are options, many that will give you a fresh start and allow you to live without the stress of your financial woes hanging over you. 

Are you struggling to make your monthly payments on your credit cards?  Are you borrowing from one to pay the other?  Are you behind on your utility bills because you thought paying your credit card was a better idea?  If you answered yes to any of these then it’s time to make a change.  Time for that fresh start.

Hoyes, Michalos recently released their first e-book , Fresh Start: A Concise Guide to Living Debt Free.  In it Doug Hoyes explains where and how to start reviewing your financial situation and then goes over the different solutions that are available to you.  Of course, some will make more sense than others depending on your situation, your cash flow, your assets and the number of people in your family, however, I think you’ll be pleased with what you see.

If a fresh start sounds good to you, give us a call at 310-PLAN and let’s get started.  We can also be reached through confidential e-mail if you like.

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I mentioned in my previous posting about the debt consultants’ claim to fame – stop the calls, stop a garnishment and settle your debts for considerably less than what you owe.  We already know most of this isn’t true, just read Sue Jung’s Part Two blog about “Tasha” and her experience with a debt consultant.

So here’s the real question: Can they provide legal protection from your creditors? No.  This means your creditors can still pursue legal action against you even if you’ve filed with a debt consultant.  If you have a judgement or garnishment happening at work, only by filing a bankruptcy or a consumer proposal can you get these to stop.  Hmm, interesting, only a licensed trustee can administer a bankruptcy or proposal, which means only they can stop legal action.

Ted Michalos explains in great detail what happens when you file a bankruptcy and you have a legal proceeding against you or one is looming in the air. Have a peek at his blog, there is some great information for you if you find yourself in this predicament.  He explains that when you file a proposal or a bankruptcy a Stay of Proceedings is put in place to stay (or stop) legal proceedings.  This is because you have filed something that is regulated under the Federal government law in Canada, in comparison to an unregulated debt solution.

There are many things that debt consultants claim they can do, give you legal protection is not one of them.  If you have a threat of a wage garnishment or a lawsuit or you have already been sued you need to speak with a trustee in bankruptcy to help you through this. Visit us at www.hoyes.com or call us directly at 310-PLAN or 905-777-0770 to set up a free initial consultation, you’ll be happy you did.

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They’re all over the radio, I see them on TV, our clients ask about them.  Can they really help someone who is having financial difficulties? Let’s see, they claim they can stop the calls, they claim they can help with a garnishment and they claim they can settle your debts for far less than what you owe.  Hey, maybe some of this could be true, but I have yet to see any of it happen. 

Here’s the best part, they ask for a large fee up front to do all of these services and then half of the time, don’t do any of the services.  Instead, they refer you to a licensed Trustee in Bankruptcy firm, like Hoyes, Michalos who can do all of the above and more.  But wait, you’ve already paid them upwards of $1,500.00, and for what??? Nothing but a simple referral.  Nothing that you couldn’t have done on your own for free.

Doug Hoyes of our Cambridge and Brantford offices goes into an in depth discussion regarding some of the horror stories relating to debt consultants.  I would recommend visiting his page to read more about what you should and could avoid while attempting to seek out options available to you. 

Susan Jung of our St. Catharines office discusses on her page a conversation she had with one of her clients.  “Tasha” learned first hand about debt consultants and was glad when she finally decided to visit a Trustee’s office instead.

My thoughts, do your homework first.  It doesn’t cost anything to look on the internet, listen to the radio or look in the yellow pages to search out who you want to see.  Nor does it cost anything for a first consultation with a Trustee at Hoyes, Michalos in Hamilton.

So pick up the phone, you know you can, give us a call at 310-PLAN. 

You can also visit us at our website www.hoyes.com to fill out a free confidential questionnaire.

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Have you ever not felt good about doing something and then shortly after thought to yourself, “that wasn’t so bad”?  Many people I meet struggle with the whole psychological effects of filing a bankruptcy.  Good news, there are other options that won’t play with your emotions quite so much.  A consumer proposal is a great alternative to bankruptcy and can relieve you of your debts with a feel good attitude at the end. 

I met with a client last week here in our Hamilton office who wanted to know “what’s all the rage about this consumer proposal option I keep hearing about?”  I explained, there are many advantages to filing a proposal over a bankruptcy, so I outlined below what I explained to her:

• You’ve done the best you could, offered to pay back a portion of your debts and your creditors have accepted your offer
• You don’t have that guilty feeling that some experience when filing a bankruptcy
• Less requirements of you on the Trustee’s part when filing a proposal over a bankruptcy
• Your income can increase over time but your payment will always stays the same
• You can pay off a proposal at any time with no penalties to finishing it sooner
• You get to keep your tax refunds

These are just some of the advantages to filing a consumer proposal.  To hear more about proposals and all the good that goes along with them, contact our office at 905-777-0770 or by e-mail.  Of course, this is not to say that there is something wrong with filing a bankruptcy, for many, a bankruptcy is the most logical option and there are advantages too.  I look forward to meeting with you to discuss both options in greater detail.  My name is Wendy Young and I work in our Hamilton and Burlington offices.

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While here at Hoyes, Michalos everyone is presented with all the options to deal with their financial situation, more often than not, most choose a consumer proposal over a bankruptcy.  There are obvious situations where it becomes evident that someone should file a bankruptcy due to cash flow or lack of income, however, a proposal is definitely a great alternative.

Some of the reasons for choosing a proposal over a bankruptcy are:

• You get to keep all of your assets, including your tax refunds
• Your payment is set at one amount each month making it easier for budgeting purposes
• You are not penalized for making too much money, even on a 3 pay month or over time
• Your credit rating is better than a bankruptcy
• No monthly reporting, no surplus income and our fees are built into the proposal payment
• No restrictions in the workplace for certain positions held

If you’re looking for a fresh start and this sounds like something you would like to hear more about, visit our link to consumer proposals or give us a call at 310-PLAN (7526) or 905-777-0770.  You can also e-mail us a confidential questionnaire to get things started.

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I recently met with a couple here in our Hamilton office who were struggling with debt but were adamant they were not going to file a bankruptcy.  Of course, I reviewed the bankruptcy process with them but focused on a consumer proposal based on their situation.

Surplus income was going to be an issue in a bankruptcy as they had sufficient income to put them over the superintendent’s guidelines by $800.00 per month. This resulted in a surplus payment back to trustee of $400.00 per month for a full 21 months, which was only going to increase over time as they both max out on their CPP and EI contributions this month, along with some bonuses that were due shortly at work.

They both felt compelled to pay back some of their debts but could not afford to pay them all back over a reasonable period of time.

We were able to formulate a consumer proposal together, an offer to their creditors, allowing them to compromise their debts and pay back only a portion over a four year period.  Having only one payment a month thrilled them, no more juggling and struggling for them anymore.

They have plans to pay off their proposal sooner as both expect tax refunds in the new year which they get to keep to themselves in a proposal and do with them as they see fit.

They have both chosen to apply them to their consumer proposal allowing them to shorten their term by almost a year!!!  If this sounds too good to be true, it’s not, read more about how a proposal works on my consumer proposal page and see if this sounds like something you would like to learn more about.

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So I’m at work the other day, my phone rings and on the other end is a woman, reluctant to tell me her name, let alone her financial problems.

Her first question out of her mouth was, “are you going to yell at me?” To me, that seemed like a ridiculous question, to her, not so much, she had been yelled at daily by collectors, so this was nothing new to her.

She had no idea what to expect when she made that call. Her next question was, “am I the worst case you’ve ever heard?”, “are there other people going through the same thing as me?” So many people feel alone, like they are the only one dealing with financial issues.

Well, I’ve got news for them and many others, recent stats were released by the Office of the Superintendent of Bankruptcy (OSB) showing that my clients are not alone and neither are you.

These stats can be viewed on the bankruptcy Canada website, however I’ve summarized what’s happening in the Hamilton region for you. 1424 people in the Hamilton area filed either a bankruptcy or consumer proposal in the first six months of 2011, that’s an increase of only 19 files from the same period last year.

Yes, this means that filings in Hamilton are on the rise (slightly), however, while bankruptcy filings have decreased by 20%, consumer proposal filings have increased by 35%. On the whole, 39% of all filings last year from January to June were consumer proposals, while this year 52% of people chose to file a consumer proposal over a bankruptcy.

Why, you ask? Proposals are a wonderful option to avoid bankruptcy, decrease your monthly payments, allow you to keep your assets and settle your debts usually between three and five years. While more people seek out professional help for their financial troubles they learn what options are out there and what best suits their needs.

Proposals seem to be the way to go. If you’ve found yourself in a financial rut and would like to hear how a consumer proposal (or bankruptcy) could benefit you, give our office a call at 310-PLAN or 905-777-0770, we would love the opportunity to hear your situation. If a call isn’t convenient for you today, we invite you to visit our website at http://www.hoyes.com/for further information or e-mail us directly.

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I love spring and I love spring cleaning!!! There’s nothing like opening up all the windows in your house, letting the breeze blow through, shaking out the mats and de-cluttering everything that has accumulated over the winter. What a great feeling when you’re done, clears the house and the mind.

Another great feeling is to de-clutter your finances and get your personal matters sorted out. Spring is a perfect time to review your budget, your high utility bills are hopefully behind you for a few months and a new budget is in order. Take a look to see what expenses can be reduced during a time when outside play and hanging your clothes on the line costs nothing. Review your credit report to ensure all information is accurate and up to date.

This could help or hinder you down the road when applying for new credit. Another great thing to do is organize your statements, review your insurance policies, make sure you’ve got a “shoebox” going for medical receipts, donation receipts and tax write offs that you will need to locate next tax season.

Are there any statements that you could receive on-line as opposed to by paper, cuts down on clutter in your house and better for the environment. Last but not least, look after your debts. Whether they’re credit card bills, a line of credit, an overdraft, a debt to the Tax man or even student loans, it’s time to come up with a PLAN to start dealing them. If you find yourself overwhelmed with your debt and your “financial spring cleaning” is only part of the solution, maybe a consumer proposal is the rest of the solution.

What a great way to de-clutter your payments into one affordable monthly payment offering to pay back only a portion of your debts over time. If you would like to read more about consumer proposals, visit our website at www.hoyes.com and click on consumer proposals. And finally, I would suggest you give us a call at 310-PLAN or 905-777-0770 to discuss your financial situation, we’re here to help.

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