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Second Mortgage or Interest-Free Consumer Proposal?
Once upon a time, if you had a lot of credit card debt and owned a home, you could get a second mortgage to consolidate and pay off your debt. Interest rates were low and home values were rising. You...
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Creditor Protection: Consumer Proposal vs. Debt Management Plan
Generally, the reason people contact us at Hoyes Michalos is to see what their options are for dealing with their debts. They’re looking for debt relief so they can get a fresh start. However sometimes...
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Reviving a Consumer Proposal
Repaying debt requires a stable income. Even when you’re in a debt relief plan like a consumer proposal, you need money coming in each month to make your payments. But what if you are faced with a...
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Must A Consumer Proposal Include All My Creditors?
A consumer proposal has a lot of advantages. It offers legal protection while you make a settlement offer to your creditors. It also allows you to negotiate payments you can afford while keeping assets...
View ArticleConsumer Proposal vs Debt Consolidation
Are you looking for a way to consolidate credit card debt, overdue bill payments or other unsecured debts? A debt consolidation loan may not be your best option when it comes to consolidating and...
View ArticleCan You Switch Between Bankruptcy and Consumer Proposal?
There are two insolvency options in Canada under the Bankruptcy & Insolvency Act that allow consumers to eliminate overwhelming debt: a bankruptcy and a consumer proposal. The choice to file a...
View ArticlePlease Stop Paying for Consumer Proposal Representation
Would you pay someone a 40% surcharge to refer you to a dentist? A doctor? How about to a lawyer? Probably not. With that same logic, you should never pay someone to refer you to a consumer proposal...
View ArticleCan I Get OSAP While in Bankruptcy or Consumer Proposal?
It is not uncommon for someone who has filed a consumer proposal or bankruptcy to wish to return to school to complete their studies or retrain. If you’ve filed an insolvency proceeding, whether a...
View ArticleCan You Do A Consumer Proposal Twice?
It’s not as uncommon as you think for someone to become debt free by filing a consumer proposal, and then, years later, face financial hardship again and require another plan to pay off debt. The good...
View ArticleWhat is a Registered Consumer Proposal?
While this shouldn’t be complicated, terminology can lead to a lot of confusion. This is no truer than with the concept of a consumer proposal in Canada. Part of the problem is that non-licensed,...
View ArticleCredit Counselling vs Consumer Proposal – Which Should You Choose?
If you are looking to get out of debt with the help of a professional, you may be considering the pros and cons of credit counselling vs a consumer proposal. Credit counselling offers a consolidation...
View ArticleEffects of Filing Bankruptcy or Consumer Proposal as a Certified Financial...
Financial problems can happen to anyone, even financial planning professionals. If you’re a new applicant or a current certified financial planner renewing certification with the Financial Planning...
View ArticleEffects of Filing Bankruptcy or Consumer Proposal as an Accountant in Canada
Yes, even an accountant can have money problems. If you’re currently a Chartered Professional Accountant in Ontario considering a bankruptcy or consumer proposal to deal with your debt, you can do so...
View ArticleWhat Happens if I File a Bankruptcy or Consumer Proposal as a Human Resources...
If you hold a CHRP, CHRL, or CHRE designation and wish to file for bankruptcy or a consumer proposal, you are required, by law, to notify the Office of the Registrar of the Human Resources...
View ArticleFiling Bankruptcy or Consumer Proposal as a Lawyer in Ontario
If you are an insolvent lawyer in Ontario, the Law Society of Upper Canada (LSUC) will place restrictions on your ability to practice law if you are filing for personal bankruptcy. Per By-Law 8, Part...
View ArticleWill I Lose My Real Estate License if I File a Bankruptcy or Consumer...
Filing for personal bankruptcy or a consumer proposal does not necessarily mean your registration with the Real Estate Council of Ontario (RECO) will be revoked. If you are about to file for bankruptcy...
View ArticleCan a Medical Doctor in Canada File for Bankruptcy and Still Practice Medicine?
Even doctors can face personal financial problems. If you’re an insolvent medical doctor in Ontario, filing bankruptcy will have no impact on your ability to practice medicine. But as your monthly...
View ArticleWhat Happens To My Professional Designation If I File Bankruptcy or Consumer...
It’s not uncommon for someone holding a professional designation to face personal debt problems. After all, financial trouble can happen to anyone regardless of career or income. But how will a...
View Article10 Myths About Consumer Proposals & What You Really Need to Know
I’ve seen and heard many false comments about consumer proposals over the years. Despite these misconceptions, a consumer proposal has become the debt relief option of choice for people facing debt...
View ArticleWhen is a Consumer Proposal Legally Binding on your Creditors?
A consumer proposal is a formal agreement negotiated between you and your creditors to settle your debt for less than the full amount. So, what makes a consumer proposal legally binding? What say do...
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