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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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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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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Why are there so many myths out there surrounding bankruptcies and consumer proposals, debt consultants and payday loans?  Doug Hoyes and Ted Michalos, both licensed Trustees and co-owners of Hoyes, Michalos & Associates, Inc. will be featured on the radio show Ask the Experts on 570 News Radio on Saturday, September 24^th at 10:00am to debunk some of these myths.  Even better, they are doing the first LIVE simulcast of the show which can be viewed during the broadcast.

So many are experts or think they are experts in the industry.  Everyone seems to know what they’re talking about because their friend or relative has been through the process and this is how it worked for them. 

It’s not a cookie cutter process, the rules are the same for everyone and shouldn’t change from Trustee to Trustee, however, the requirements in one individual filing could be different from another. 

To learn more about a consumer proposal or bankruptcy please visit our website at www.hoyes.com or give us a call at 310-PLAN (6526).

And don’t forget to turn on your radio to 570AM on Saturday at 10:00am to hear the experts firsthand or visit the link above.

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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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Your initial contact with Hoyes, Michalos will be most likely be through an e-mail or a phone call, in which case you will be met with either a response via e-mail, or an associate that will be available to speak with you immediately to review your situation.  They will collect some vital information and then schedule you a free, no obligation, initial consultation to meet with either a Trustee or an Estate Administrator in our Hamilton mountain office, both who are qualified to review your situation and options.  You will be required to bring along a list of your debts or the actual invoices, proof of any income coming into the household and proof of any assets you may own.  We will review your situation and information with you, and then explain your options, which in turn will help you to make an informative decision on how to proceed going forward.  I will always make sure your options are clear and that you fully understand them before leaving our office.  As always, most people think of more questions after they leave, so we have many associates available to answer your questions via phone or e-mail.  Once you have decided on how you would like to deal with your financial situation and the application is filled out we will need a day or two to get the appropriate paper work completed and then you will come in to sign the required documents.  Your bankruptcy or consumer proposal will begin that day as we are set up to e-file your documents directly to the Office of the Superintendent of Bankruptcy.  After that, customer service is just a phone call or e-mail away during your time with us.  Filing a bankruptcy or consumer proposal will stop those harassing phone calls, cease active garnishments or any pending garnishments, and will be the start of a new you.  If you feel you need help and would like to see what options are available for you, please visit our website at www.hoyes.com or give us a call at 310-PLAN or 1-866-747-0660, your new and improved PLAN awaits you.

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Budgeting can be tricky at the best of times, but trying to involve your children can be a challenge in itself.  In todays economic situation there has never been a better time to start teaching our children the basics of finances and budgeting.  Now don’t get me wrong, there is definitely a fine line between keeping them in the loop on your financial situation and sharing the amount of your paycheque or the balance on your credit card statements. However, there is nothing wrong with letting them know that there is a budget in your family and it’s imperative that we stick with it, for several reasons.  It’s important that kids understand the purpose of a budget at an early age so things don’t get out of hand later on. Children will start to learn that it’s not a given that they can do what they want when they want, but rather a privilege that is earned through hard work by their parents and sometimes themselves too.  Giving your children an allowance will make budgeting a necessity if there is something they want (as opposed to need).  It’s not uncommon these days to see teenagers working after school and on weekends but they need to learn some basic money management skills in order to make the most of their pay cheques.  Some families are on a budget to make ends meet and ensure their paycheque takes them through to the next one with bills being paid along the way and food on the table. Others are on a budget, not because we can’t pay our mortgage or current bills, but so we can afford do those extra things that are important in life, like sports, the movies, a special dinner out or a family outing/vacation. 

We see too many people coming to see us that are in their early twenties and already have 3 credit cards, or even more, that they can no longer afford to pay even the minimum amount on, most couldn’t afford the cards in the first place. Many wish they were taught some sort of budgeting skills at home or in high school before accepting that first form of credit. These skills would have hopefully stay with them for a long time and could maybe have prevented some from being in the predicament they are in today.

If you’re one who have found yourself in a financial situation that requires our help or even have a child that is struggling with debt, don’t hesitate to contact us at Hoyes, Michalos to review the options available. You can call our Hamilton office at 905-777-0770 or 310-PLAN (7526) to speak to myself, Wendy Young, or one of my associates or you can visit our website and fill out a confidential questionnaire. Don’t wait any longer, let us help you today.

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Lately I seem to be meeting with more and more people in our Hamilton offices who would like to hear specifically how a consumer proposal works.

Wendy Young, Client Service Specialist

September, 2010 comes to mind because that’s when the law was passed that all credit card statements must now show how many years and months it will take them to pay off their balance based on minimum payments only, at the interest rate that is currently on their statement. Some are alarmed by this paragraph and have called us immediately to come up with a plan that is much shorter than 103 years!!!

All of a sudden, a 5 year consumer proposal which consolidates all of their unsecured debts together and gives them one monthly payment, sometimes equivalent to only one of their minimum payments, sounds inviting. They are thrilled to find out that if they can afford more monthly, their proposal can be shorter and will be off their credit report sooner too.

These people chose Hoyes, Michalos not only because they found us on the internet, and heard us on the radio, but also because they’ve heard from friends, family and co-workers who used us and were very happy with their experience.

Of course, there is more to learn about a consumer proposal, that’s why you should visit our website or give us a call at 310-PLAN (7526) or 905-777-0770 to speak to myself, Wendy Young, or one of my associates. We will review your information and if you like, book you a free initial consultation to come in and discuss the options available to you.

Sometimes a consumer proposal isn’t the best option for you. That’s okay, as we will be reviewing all of the alternatives too and will provide you with enough information to help you make the right decision. Don’t wait until that next credit card statement comes in, contact us now and let’s get started.

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Question: How much does the average Bankruptcy in Hamilton cost?

Answer: The cost of bankruptcy in Hamilton depends on a number of factors.  The most significant factor is your income; the more you earn, the more you are required to pay.  This is called the “surplus income” rule, and it is set by the government of Canada, so regardless of which trustee you go to see to do your bankruptcy, the surplus income cost will be the same.

The math is somewhat complicated, so we suggest you call or office in Hamilton at 905-777-0770, or e-mail us, and we can discuss it on the phone, or set up a no-charge initial consultation to review the cost of a bankruptcy for you in more detail.

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