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.

How To Avoid A Second Bankruptcy

14 Aug 2013

Here is a chilling statistic: somewhere in excess of 10% of the adult Canadian population will file for bankruptcy at some point in their life. Of those, 15% will have to file a second bankruptcy. The reasons people file for bankruptcy range from poor financial management, a relationship breakdown, a…

6 Advantages Of Filing Bankruptcy in Canada

07 Aug 2013

One of the first things I am asked by just about everyone I see professionally is: “Is filing bankruptcy the right thing for me to do?” Since every person’s situation is unique, this is not a question that can be easily answered, but what I can do is provide you…

(2) commentsRead more

Avoid Bankruptcy By Filing A Consumer Proposal

31 Jul 2013

If you find yourself completely buried in debt and you don’t think you have any choice but to file for bankruptcy, you may be able to avoid bankruptcy by filing a consumer proposal. I have to be honest with you – our firm has been a big proponent of consumer…

What If Your Financial Situation Improves During Bankruptcy?

24 Jul 2013

Have you heard the expression, “it’s not over ‘til it’s over?” It applies to bankruptcy in Canada as much as anything else. If you have filed an assignment in bankruptcy and your situation changes for the better, you don’t have to remain bankrupt. You have the right to file a…

(8) commentsRead more

How Is Bankruptcy a Fresh Start If It Is On My Credit Report?

17 Jul 2013

If you were to ask me what the single most misunderstood aspect of the Canadian financial industry is, without hesitation I would say, “The credit reporting system”. Every adult Canadian that has been employed, operated a bank account, or ever tried to access credit has more than likely been reported…

(2) commentsRead more

Consumer Proposal Administrator – What They Do

03 Jul 2013

Recently, many bankruptcy trustees have started calling themselves consumer proposal administrators without actually explaining what that term means. As the name suggests, a consumer proposal administrator manages the consumer proposal process. To the best of my knowledge, the government has not issued any consumer proposal administrator licences in Canada outside…

(6) commentsRead more

I Can’t Pay My Bills. Do I Have Alternatives To Bankruptcy?

27 May 2013

Can't pay my bills - bankruptcy alternatives

It is an unfortunate fact of life that many people can’t pay all of their bills. For one reason or another, they have accumulated more debt than they can deal with and they need a plan to deal with their debts. For some, that may mean filing for bankruptcy, but…