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.

Questions To Ask A Bankruptcy Trustee At Your Initial Interview

 11 Nov 2013
bankruptcy questions trustee

If you are like most people, you never thought there might come a time when you needed to speak to someone about your debts.  Something has happened that has made what used to be a manageable debt load into something overwhelming. You are not alone in this crisis. In excess…

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How Does Bankruptcy Affect My Credit Rating?

 09 Oct 2013
credit report and bankruptcy

Your credit report is maintained by one of two major credit rating agencies in Canada: Equifax and Trans Union. When you apply for a loan, whether a credit card or a mortgage, your lender will review your credit report. This report contains information about whether or not you have unpaid…

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Creditors Meeting: What Questions Will They Ask Me?

 02 Oct 2013
creditors meeting and bankruptcy in Canada

Question: A creditors’ meeting has been called and I wonder what questions they can and cannot ask. Can they only ask about the past and where the money was spent before bankruptcy? Can they ask about personal expenses such as medical expenses and what drugs I am paying for? Do…

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My Bank Account Was Frozen. Will Bankruptcy Help?

 23 Sep 2013
frozen bank account and bankruptcy

You need to pick up a few things on your way home so you stop at a bank machine to withdraw some cash, only the machine won’t let you make a withdrawal.  You step inside and the teller informs you that your bank account has been “frozen”.  What does that…

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Bankruptcy and Payday Loans

 16 Sep 2013
Bankruptcy and Payday Loans

I want to start with a disclaimer – I really hate these guys. When we opened our bankruptcy practice in 1999 we saw very few payday loan companies. Then, within a couple of years, they started appearing on every file we saw. In 2005 we published a composite of the…

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How Does A Joint Bankruptcy Filing Work?

 11 Sep 2013
joint bankruptcy filing and spouse

One of the most common questions posted to the internet chat groups about filing for personal bankruptcy in Canada has to do with spouses and whether or not if one files for bankruptcy, do they both have to. The short answer is no, each spouse is free to decide what…

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Balancing Debt Repayment With Living Expenses

 02 Sep 2013
balance cost of debt repayment

Question: Recently my husband and I applied for a second mortgage to pay off some credit card debt and outstanding bills and we were declined.  Within the past year he lost his job and was on EI. With only my income (about $1,800 a month after tax) coming in our…

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Do I Have To File My Tax Returns Before Filing Bankruptcy?

 28 Aug 2013
Filing tax return before bankruptcy

Most trustees in bankruptcy, myself included, will tell you that you should file all of your outstanding tax returns before filing bankruptcy in Canada – but do you really have to? The filing of income tax returns is required under the Income Tax Act. There is actually no requirement under…

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Personal bankruptcy and property taxes. Are they discharged?

 26 Aug 2013
house bankruptcy

Property taxes are one of the least understood obligations that home owners have – people recognize they have to be paid, but most people don’t realize the special rights that property taxes have been granted under Canadian law. Let’s start with the fundamentals – property taxes represent a charge on…

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Cancelling Contracts As Part Of Your Bankruptcy

 21 Aug 2013
bankruptcy and cancelled contract

One of the least known aspects of bankruptcy law in Canada is that when you file bankruptcy you may break any contract you have as part of the restructuring of your financial situation. The most common contracts that are terminated relate to cell phones and cable services, but it is…

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