Author Archives: Ted Michalos

About Ted Michalos

Ted is a Licensed Insolvency Trustee and Chartered Accountant. He is a co-founder of Hoyes, Michalos & Associates Inc., one of the largest personal insolvency practices in Canada.

Personal Bankruptcy Shouldn’t Be About Your Credit Score

 05 Dec 2017

The title of this article says it all.  If you are in enough financial trouble that you are actively researching personal bankruptcy, your credit score may be the least important factor for you to consider.  Allow me to explain. It is quite common for people that come to see us…

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How Long Does Bankruptcy Affect Me?

 04 Sep 2017
how-long-does-bankruptcy-affect-me

There sure is a lot of misinformation out there about bankruptcy, how long it lasts and what the long term effects are.  Just when I think I have heard it all, someone comes up with a new one, “I heard you can’t have a bank account for 10 years when…

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Not All Credit Counsellors Are Created Equal

 02 Jan 2017
not-all-credit-counsellors-created-equal

For a number of years, I have been on record as recommending credit counsellors as an excellent source for assistance when people begin to experience financial difficulty. Unfortunately the meaning of the title “credit counsellor” has changed. Many individuals now calling themselves credit counsellors are not affiliated with either the Canadian…

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Filing Bankruptcy Twice Costs More

 15 Jun 2015
cost second bankruptcy

Filing bankruptcy for a second time is not only longer, but it’s also more expensive.  This is especially true for individuals with surplus income, a threshold set by the government for the amount of income necessary for each household to maintain an acceptable standard of living.  For those that earn above…

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In Doubt About Talking To A Bankruptcy Trustee?

 04 May 2015
debt warning signs

Sun Tzu is given credit for stating, “If there is doubt then there is no doubt”.  If you think you “may need” to speak to a trustee – then you do need to speak to a bankruptcy trustee.  Sorry, but it is that simple. We are all very good at convincing ourselves…

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More Tax Considerations Of A Bankruptcy In Canada

 20 Apr 2015
Canada taxes bankruptcy

Most people get into financial trouble at some point in their lives. Many are able to work their way through their difficulties and recover. Some cannot, and they often end up filing for personal bankruptcy. The good news for these people is that bankruptcy deals with tax debts, as well…

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Common Debts Included In Personal Bankruptcy

 23 Mar 2015
debts included in bankruptcy

When looking at the reasons people file bankruptcy in Canada, similarities begin to emerge. Job loss, income reduction, illness and divorce are some of the most often cited reasons.  But did you know that who you owe and how you accumulate debt can be a risk factor as well?  We know…

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Secured Debts In Bankruptcy: How Does It All Work?

 23 Feb 2015
Secured Debts Bankruptcy Canada

Most potential bankrupts who own a home or have a car owe money to a secured lender against those assets. We’ll explore how this affects how these assets, and their debts, are dealt with in a bankruptcy or consumer proposal in Canada. What are Secured Debts? Secured debts are those debts…

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Your Income Affects How Long You Will Be Bankrupt

 12 Jan 2015
How Long Bankrupt

What is Surplus Income? The Superintendent of Bankruptcy issues standards regarding the required payments for a bankruptcy based on whether the bankrupt has  surplus income and whether their net income is more than $200 over the predetermined government threshold.  If you fall into this category, the length of your bankruptcy…

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What Filing Bankruptcy in Canada Can Do, And What It Can’t

 01 Dec 2014
filing bankruptcy canada

No-one wants to file bankruptcy. But for some, it’s the best way out of a bad situation. If you can’t afford to pay your debts, here is what you should know about how bankruptcy can help, and where it can’t. What Debts Are Included in Bankruptcy? Bankruptcy in Canada deals…

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