It's been over seven years since the Canadian government made changes to the Bankruptcy & Insolvency Act (BIA) in Canada to make bankruptcy more expensive and to promote an alternative: a consumer proposal . Today they are more popular than ever because they have significant advantages over any other form of debt relief option in Canada. But since many still don't know a lot about what a consumer proposal is, we talk with Ted Michalos and Joel Sandwith, trustees at Hoyes Michalos, to answer ...
Sep 26, 2015•28 min
Today’s guest is financial blogger and podcast host, Jessica Moorhouse from Mo' Money Mo' Houses We discuss how to make big life changes including relocation, going back to school, buying a home and planning a wedding. These are all common life events that can take a toll on your finances and can be difficult to manage for those already facing debt. As a millennial, Jessica has recent experience with all of these changes and shares her experience and advice with listeners Jessica relocated from ...
Sep 19, 2015•32 min
Today’s guest is Susan Eng, Vice President of Advocacy at CARP , an organization focused on helping seniors and future generations with issues like financial security. Susan explains that studies like our Joe Debtor whitepaper catalogue the fears that seniors have today; fears about outliving their savings and their children's and grandchildren's lack of economic opportunities. During our talk, she describes the need for government reform and options for reducing senior debt levels. With the ele...
Sep 12, 2015•38 min
It’s the start of season number two of Debt Free in 30, and we start this season like we started the first season: we let Ted Michalos rant about payday loans. A lot has happened in the last year, and today talks about a presentation he attended this summer with the Ministry of Government and Consumer Services, where Ted gave his thoughts on how to deal with the rise of many new types of high interest lenders. These loans are easy to get, but charge a high interest rate. Ted explains who gets th...
Sep 05, 2015•28 min
For the month of August we are rebroadcasting our most popular shows. We're going to wrap up our "Best Of" summer series with a discussion we had with Jonathan Chevreau about obtaining your own version of Financial Independence or "Findependence" as Jonathan calls it. Jonathan's approach to getting out of debt is to adopt a form of guerrilla frugality in order to get out of debt, stay out of debt and reach your goal of financial freedom. Last week with talked about how people get so deep in debt...
Aug 29, 2015•28 min
For the month of August we are rebroadcasting our most popular shows. On today's rebroadcast we talk with Gail Vaz-Oxlade about how to build a repayment plan to deal with your debt before it reaches the tipping point. If however you find that you are looking at years and years to pay back your debt then you may need to consider other options. We also talk with Ted Michalos, bankruptcy trustee and co-founder of Hoyes, Michalos about how a consumer proposal can help you get out of debt while avoid...
Aug 22, 2015•28 min
Gail Vaz-Oxlade is one of the most popular financial experts for a reason. Her no holds barred approach is based on one consistent message: You need to be the one to take action to take care of your debt problems. You may criticize the bank, the credit reporting agency or payday loan companies but at the end of the day you have to be able to identify that you are too deep in debt and need to do something about it. types of debts that most often trigger deep financial problems include credit card...
Aug 15, 2015•28 min
Heather Cudmore is a credit counsellor with Carizon Family and Community Services in Kitchener, Ontario, and on today's show we discuss credit counselling. Who does a credit counsellor work for? Is it true that they are just a collection agency for the big banks? What does it cost? What are the fees? Isn't a debt settlement better and cheaper? What about other options? Answers to those questions and a lot more on today's show.
Aug 08, 2015•28 min
For the month of August we are rebroadcasting (with updated information) our most popular shows. Dr. Lee Anne Davies, co-author of When Life Bites You in the Wallet , discusses the financial challenges faced by seniors and gives practical advice for over-coming "Bag Lady Fears". In an updated introduction to the podcast, we discuss some of the findings from our 2015 Joe Debtor study that revealed that seniors have the highest debt, and are also turning to payday loans. We discuss the implication...
Aug 01, 2015•28 min
From now until Labour Day we are rebroadcasting (with updated information) our most popular shows. Today’s guest is Christi Posner, a credit counsellor and new mother. Christ starts the show by telling us how, after graduating from university she had a lot of debt. She got married, and she and her husband wanted to start a family, so they knew they needed to tackle their debt. They did. They paid off their debt, and were in good shape financially to start a family. Even though Christi is an expe...
Jul 25, 2015•28 min
On today's show I talk with Adam Rauf, a trustee in bankruptcy and consumer proposal administrator at the Hoyes Michalos St. Catharines and Niagara Falls offices. Adam receives many questions from his clients and came in with a list of 20 concerns that people have when they come in to see him to get out of debt. We narrowed down his list to some questions about what type of debts can be eliminated in a bankruptcy: Can I give back my financed vehicle and get out of my car lease if I file bankrupt...
Jul 18, 2015•28 min
Trustee in Bankruptcy, Benny Mendlowitz answers the most pressing questions about paying down debt by filing bankruptcy. Benny is a trustee at Hoyes Michalos in charge of our Scarborough and North York offices and during the show he answers these frequently asked questions: What does it mean to go bankrupt? What does it cost to go bankrupt? What if I don't want to go bankrupt? Can I keep a credit card during bankruptcy and how will filing affect my credit score? How can I get rid of the stress c...
Jul 11, 2015•28 min
Today’s guest is Joel Sandwith, trustee in bankruptcy and consumer proposal administrator at Hoyes Michalos working out of our London and Sarnia offices. Normally we broadcast an FAQ show on the last Saturday of the month, but we receive so many questions that are worth taking the time to answer that we decided to run an FAQ series during July; starting with this one. To prepare for this show Joel made a list of the most frequently asked questions that he receives from clients. The burning quest...
Jul 04, 2015•28 min
Today’s guest is Daniel Veinot, a lawyer and partner at Duncan Linton in Waterloo, and we discuss student loan debts and how they are handled by bankruptcy law. Daniel discusses whether student loans are automatically discharged in a bankruptcy or consumer proposal, when it's possible to go to court and how many years an individual needs to be out of school before they can discharge any outstanding student loan debts. Student loan debt is on the increase. In May, 2015 we released our biennial Jo...
Jun 27, 2015•28 min
Right now, interest rates are at record lows, benefiting those who have good credit. But what if you don't have good credit or can't get credit at all? Today’s guest is Jim Dunbar, the Managing Partner and Chief Commercial Officer for Affirm Financial Services , a company that provides consumer loans, term loans and unsecured credit cards to individuals who have been turned down by the banks. Jim explains the type of credit card that they offer, who the card is intended for and how it could help...
Jun 20, 2015•28 min
Richard Dunwoody has 30 years experiences providing consulting services to the financial services industry through AFO Venture Group. On today's show Richard offers his opinion on how credit counselling agencies in Canada operate and what this means to consumers. At our firm we work a lot with local, not-for-profit credit counselling agencies that meet face-to-face with clients using a "whole person" approach. I am a supporter of these kinds of organizations because they meet with people face-to...
Jun 13, 2015•28 min
Before now, there really were no rules governing debt settlement companies in Ontario, which meant that they could charge large up-front fees, only to refer the client to a bankruptcy trustee once legal action was taken by a creditor. The process has already started and on January 1st, 2015 the Collection Agency Act was renamed the Collection and Debt Settlement Services Act . On today’s show Ted Michalos talks about the new legislation and what it means for consumers. We often hear that clients...
Jun 06, 2015•28 min
It's time for another FAQ podcast and today we talk about if and when you might be responsible for your spouse's debt and how one spouse filing bankruptcy might affect the other. To answer these questions we talk with Hoyes Michalos Trustee in Bankruptcy Jason Quinney about joint debts and co-signed loans. Jason explains what a joint debt is , what happens to a co-signer if a debt goes unpaid and clears up the misconception that joint debts settled in a bankruptcy or consumer proposal need to be...
May 30, 2015•28 min
Today’s guest is Ian Penney, President of Janes & Noseworthy in Newfoundland and Labrador. Recently, oil prices have declined, affecting the finances of those who work and/or live in a boom-bust economy. Alberta is a prime example of this type of economy, but the sting is also being felt in Newfoundland and Labrador. As lay-offs continue and people are forced to find alternatives, Ian has noticed that personal finances are taking a hard hit, and that as a result, people are turning to bankru...
May 23, 2015•28 min
So you’ve got a bunch of debts. You owe money on three different credit cards, and a payday loan, and you still owe some money on an old cellphone bill. You’ve got a job, and you’ve got money coming in every month, but it’s hard to juggle five different debt payments every month, all on different days, in addition to all of your regular bills. Wouldn’t it be great to consolidate all of your debts into one monthly payment? No more juggling your paycheque to make a bunch of payments every month; y...
May 16, 2015•28 min
On today’s show Ted Michalos and Doug Hoyes discuss the just released Hoyes Michalos study: Joe Debtor: Marginalized by Debt. Canadians do not appear to be worried about high debt levels. Interest rates are at record lows, and bankruptcy rates have declined for the last five years. Unfortunately that obscures the fact that at risk groups, including seniors, single parents and people with student loans, don’t qualify for traditional low cost borrowing options, so they turn to payday loans, quick ...
May 09, 2015•28 min
Today’s guest is Mark Silverthorn, who was once the most prominent collection agency lawyer in Canada, sending out 10,000 collection letters every month. Today he’s a consultant for debtors, and is the author of The Wolf at the Door , a book about “What to do when collection agents come calling”. Mark Silverthorn says on the show that collection agents have every right to collect money that is legitimately owed, but he believes they should follow the rules and behave in a professional manner. He...
May 02, 2015•28 min
On today’s show Ted Michalos explains that bankruptcy isn’t free. Even though you may have limited resources, it does cost money to go bankrupt. Ted explains why it costs money, and how the concept of surplus income impacts on the cost of your bankruptcy. Ted also explains how a consumer proposal is an effective solution for avoiding the excessive monthly cost of bankruptcy.
Apr 25, 2015•28 min
On today’s show Leigh Taylor, a bankruptcy trustee with LC Taylor and Associates in Winnipeg, gives his opinion on how to deal with debt. He explains why cashing in your RRSP to pay off debt may not be a good decision. He also explains why you should avoid co-signing a loan, how debt consolidation works, and whether or not you are a good person if you have debt.
Apr 18, 2015•28 min
On today’s show Vikram Barhat, a finance writer whose work has appeared in The Globe & Mail, BBC, and Morningstar Canada, answers a common question: If I save up $1,000, should I use it to pay off debt, or should I contribute it to my RRSP? It’s a difficult question. Paying down debt saves future interest, but contributing to an RRSP generates a significant tax saving for many people. Vikram provides his thought process for helping make that decision. In the Let’s Get Started segment gives h...
Apr 11, 2015•28 min
On today’s show we talk with mortgage agents Michael Smele and Bev Gay about whether it's possible to get a mortgage to buy a house after, or even during, a personal bankruptcy or consumer proposal. They each give their opinion about who can qualify for a mortgage and what options are available to individuals with poor credit. The biggest take-away from our conversation is that when considering buying a house, saving up the biggest down payment possible will not only reduce your monthly payments...
Apr 04, 2015•34 min
Today’s guest is Ian Martin. Ian is both a licensed Bankruptcy Trustee and Chartered Professional Account, and he also has seven years of experience working at Canada Revenue Agency. As someone who understands both tax law and insolvency law, Ian brings a wealth of knowledge to the conversation and provides in-depth answers to many common tax debt questions. On today’s show we answer many frequently asked questions about tax debt, including whether or not tax debt can be included in a bankruptcy...
Mar 28, 2015•29 min
Today's guest is Rob Carrick, the personal finance columnist for the Globe & Mail . When the Globe announced they were going to start a financial boot-camp, Rob discovered that the most urgent concern for Canadians is debt, and they told Rob that they are in debt because they can't control their spending. On today’s show Rob talks about debt for both seniors and Gen Y, and he gives is thoughts on why it’s better to save for retirement as compared to paying down your mortgage....
Mar 21, 2015•28 min
Today’s guests are Rebecca Martin, Trustee in Bankruptcy and Consumer Proposal Administrator at Hoyes, Michalos & Associates Inc. and our co-founder, Ted Michalos. We talk about one of the biggest reasons people contact a Bankruptcy Trustee in a panic - they've received notice from a creditor or their employer that their wages are being garnished. Today's podcast explains everything you need to know about wage garnishments and what you can do about it. Rebecca explains what a wage garnishmen...
Mar 14, 2015•29 min
Today’s guest is Christi Posner, a credit counsellor and new mother. Christ starts the show by telling us how, after graduating from university she had a lot of debt. She got married, and she and her husband wanted to start a family, so they knew they needed to tackle their debt. They did. They paid off their debt, and were in good shape financially to start a family. Even though Christi is an experienced credit counsellor, there were many expenses that surprised her when she went on maternity l...
Mar 07, 2015•28 min
