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. What’s Protected and What’s Not.

 14 Apr 2014
what you keep bankruptcy

Bankruptcy scares everyone because they think they are going to lose everything. In truth, most bankrupts don’t lose any assets because often people in financial trouble don’t have assets of value. These have been liquidated long ago or they just could not afford them in the first place. However, in…

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Wage Garnishment Laws & Declaring Bankruptcy

 31 Mar 2014
stop wage garnishment bankruptcy

If your wages are being garnisheed by a creditor then filing bankruptcy and/or a consumer proposal can stop the garnishee. In fact, a wage garnishment is affected by an automatic feature of the law called a stay of proceedings. How To Stop A Wage Garnishment When You File Bankruptcy In…

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How To Survive Bankruptcy In Canada

 26 Mar 2014
surviving bankruptcy in Canada

Filing for bankruptcy is as much an emotional decision as a financial one.  Too many people equate “what they have” with “who they are” and that can lead to real problems, including bankruptcy. How can you survive bankruptcy in Canada?  One day at a time.  If you always keep in…

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Which is Better For Your Credit Report? Consumer Proposal or Bankruptcy?

 17 Mar 2014
bankruptcy or consumer proposal and credit report

The fact that you filed a consumer proposal will stay in the legal section of your credit report for up to three years after you complete your proposal. This is in contrast to the 6 years that a bankruptcy will be reported. Of course the comparison is not that simple. …

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Bankruptcy and Traffic or Parking Tickets. Are They Included?

 05 Mar 2014
parking and traffic tickets in bankruptcy

Tickets and fines are not debts that are dealt with by the Bankruptcy and Insolvency Act. This includes parking tickets, speeding tickets or any court imposed fine as a result of an offence.  These are debts specifically excluded under section 178 (1) of the Bankruptcy and Insolvency Act. The only way I…

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Dealing With Creditors After Your Bankruptcy Is Finished

 19 Feb 2014
dealing with creditors after bankruptcy

There are many periods during which you, and your trustee, will need to talk to your creditors about your bankruptcy. Before filing, you may be receiving collection calls and need to take advantage of the Stay of Proceedings offered by filing bankruptcy. Once you have filed bankruptcy or a consumer…

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Should RESP’s be Protected From Creditors?

 18 Feb 2014
resp and bankruptcy

Recently Alberta added registered education saving plans (RESPs) to their list of assets that are protected from a person’s creditors either through a Writ of Seizure and Execution or an Assignment in Bankruptcy. Immediately the call went out to add RESPs to the exemptions in every province across Canada. The…

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3 Most Asked Bankruptcy Questions

 17 Feb 2014
personal bankruptcy FAQ

While there are dozens of questions that people may ask when they are thinking of filing personal bankruptcy, the three most common are those that directly affect their day to day lives. Most want to know what happens to their car if they file bankruptcy because they need transportation to…

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Yes Virginia, There Is Life After Bankruptcy

 05 Feb 2014
life after bankruptcy

The problem most people have with bankruptcy is that they just don’t know enough about it.  They don’t know what is involved, and more importantly, they don’t know how it ends, or if it ever ends… The Bankruptcy and Insolvency Act was created to allow the honest, but unfortunate debtor,…

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What If I Can’t Afford My Consumer Proposal Payments?

 27 Jan 2014
amend consumer proposal payments

Consumer proposals are becoming an increasingly popular alternative to bankruptcy in Canada. While there are many benefits to filing a consumer proposal there are two that stand out most: You can keep assets that you might lose if you were to file for bankruptcy, Your monthly payments may be less…

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