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.

Bankruptcy’s Automatic Stay of Proceedings

17 Nov 2014

One of the benefits of filing a consumer proposal or personal bankruptcy is something called a “Stay of Proceedings”. This is a legal term, but what it means is that the people you owe are stopped (stayed) from continuing any legal actions against you. How A Stay of Proceeding Works…

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I’ve Defaulted On My Student Loans. Is Bankruptcy The Answer?

22 Sep 2014

Student loans and the education that they pay for may be one of the great tragedies of our time. Your degree or diploma is no guarantee of a job, but the debt has to be repaid. In some cases the amount of debt that has been amassed is so great,…

Considering Bankruptcy? 7 Things To Think Through

08 Sep 2014

Roughly ½ of 1% of the Canadian population files a consumer proposal or declares bankruptcy each year. In real numbers we’re talking 125,878 in 2016 people and roughly 62,500 of those were consumer proposals. That got me wondering how people learn about consumer proposals and personal bankruptcy, and the laws that govern them. It’s…

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A Bankruptcy Trustee. Setting the Record Straight.

11 Aug 2014

Most people don’t really understand what a bankruptcy trustee is, who they work for, or how they get paid. It is not complicated, but there’s so much misinformation on the internet that I thought it was worth a few minutes of our time to set the record straight. First and…

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It’s Critical to Complete Your Bankruptcy and Get your Discharge

28 Jul 2014

no more debt means obtaining bankruptcy discharge

If you want your debts to be eliminated you need to keep your eye on the goal. That goal is obtaining your bankruptcy discharge. To get that discharge, and have no more debts at the end, you need to complete the process — all of the process. I can’t stress the importance…

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Does A Bankruptcy Trustee Tell Me How To Spend My Money?

07 Jul 2014

I recently meet with an individual considering personal bankruptcy who was under the impression that as a bankruptcy trustee I would tell them how they could spend their money. I did a double take and told her, “No. No-one has the right to tell you how to manage your money.” I assumed she…

Do We Have Chapter 7 or Chapter 13 Bankruptcy in Canada?

30 Jun 2014

I have always thought one of the disadvantages of living next to the largest economy (and media market) in the world is the fact that Canadians end up using American terms for things they may be looking for. The use of Chapter 7 and Chapter 13 bankruptcy wording is an excellent…

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Expecting A Windfall While Bankrupt? What You Need To Know.

26 May 2014

windfalls & bankruptcy: lottery, inheritence, bonus

One of the more confusing aspects of bankruptcy law in Canada is that when you file for bankruptcy you sign over your interest in the things that you own on the day you file plus anything you may come to own before your bankruptcy is completed. The law doesn’t apply to…

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What Does It Mean To File For Bankruptcy?

12 May 2014

If you file for bankruptcy in Canada it means that your creditors may no longer pursue you directly. If your wages are being garnisheed due to a lawsuit or unpaid debt the garnishee will stop. If collectors are calling you and you file for bankruptcy then the phone calls will…

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Afraid To File Tax Returns Because of Tax Debts?

21 Apr 2014

tax debt tax returns Canada Revenue Agency

Income taxes are a fact of life. You know this. Everyone knows this. And yet, there are still people that, for many reasons, don’t file and pay their taxes every year. The Canada Revenue Agency (CRA – formerly known as Revenue Canada) is what we call an involuntary creditor. CRA…

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