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.

Debt Consolidation: Is It Your Best Option?

 20 Jan 2014
debt consolidation vs consumer proposal

I used to be an enthusiastic supporter of debt consolidation for anyone that could afford to repay their debts in full. The concept is understandable – take all of your high interest, high minimum payment debts, things like credit cards and unsecured loans and lines of credit, and pool them…

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Are Credit Card Rewards An Asset in Bankruptcy?

 13 Jan 2014
credit card rewards bankruptcy

Many cards come with some sort of “rewards” program attached to them.  There are cards that collect points that you can redeem for products and services, air miles on travel cards, there are even cards that give you a cash rebate once a year.  What happens to these credit card…

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Bankruptcy and Surplus Income Calculation For A Family

 08 Jan 2014
surplus income bankruptcy and family

*Please note this article has been updated with the 2018 numbers When you file for bankruptcy, part of the cost of filing is based on how much income you earn. Depending on your income, you may be required to pay something called Surplus Income. Where it get’s confusing for many…

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3 Things to Know about Surplus Income in Bankruptcy

 06 Jan 2014
understand surplus income threshold

Surplus Income is the name the government has given to the calculation that trustees are required to do when someone files personal bankruptcy to determine what their monthly payments are going to be.  It is a mathematical exercise based on a specific set of rules.  It is not intended to…

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5 Personal Bankruptcy Warning Signs

 18 Dec 2013
Warning signs bankruptcy

It may seem easier to juggle payments around each month, hoping your financial situation improves so you can get out from under the burden of dealing with debt payments. Unfortunately, things tend to accumulate and eventually this can lead to bankruptcy. So, here are the top 5 personal bankruptcy warning…

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Being Sued or Threatened Over A Debt? Should You Consider Bankruptcy?

 16 Dec 2013
being sued and bankruptcy

Suing you is the final “threat” that a collection company makes when they are trying to pressure someone to make payments towards an overdue debt.  In reality, very few people are ever sued, but the threat certainly gets your attention. Before discussing how filing for bankruptcy or a consumer proposal…

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Why Get A Debt Evaluation From A Bankruptcy Trustee?

 04 Dec 2013
debt evaluation experts | bankruptcy trustee

The idea for this article was taken from an anonymous e-mail someone sent to one of the public chats that I write responses on. My first reaction, was to compare a debt evaluation from a bankruptcy trustee to a visit to the dentist’s office when you have a sore tooth….

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4 More Paydays until Christmas. How Much Will You Be Left With?

 25 Nov 2013
christmas-debt-bankruptcy

Do you believe it? Christmas is just around the corner and if you are anything like me, you’re not ready. It is a month away – that’s 2 paydays for those of us paid bi-weekly, 4 if you get paid every week. It hardly seems like enough time. There’s definitely…

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What if you Forgot to List a Creditor on your Bankruptcy Forms?

 20 Nov 2013
forgot creditor bankruptcy forms

Filing for bankruptcy is a stressful time. As part of the process you are asked to provide your bankruptcy trustee with a list of your creditors, how much you think you owe on each debt and a list of your assets. Can you forget one or two? It happens, and…

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Is There A Debt Minimum For A Consumer Proposal?

 13 Nov 2013
minimum debt consumer proposal

We are often asked, “Is there a minimum amount I can file a proposal for?”  The answer depends on how you interpret the question. We’ll answer that question by looking at: Is there a minimum debt amount to be eligible to file a consumer proposal? Is there a minimum amount…

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