Last blog added on Tuesday, January 24th, 2023

Information About Hoyes Michalos Ontario Bankruptcy Blog

Recent Posts

Below is a preview of the five most recent posts from the blog Hoyes Michalos Ontario Bankruptcy Blog. To read these posts in their entirely or subscribe to future updates from this blog, please visit their website!

  • Can You Cancel a Consumer Proposal?

    First, let’s quickly look at what a consumer proposal is. A consumer proposal is an offer you make to your unsecured creditors to settle your debts with an affordable monthly payment and no interest for up to 5 years. If you cannot afford to pay your debts in full, a consumer proposal is a great way … Read more »

  • Top 10 Debt Statistics For 2022 and What’s Ahead for Consumer Insolvencies

    This past year marked a turning point for Canadian consumer insolvencies post-pandemic. The influence of unique factors that arose during the pandemic, including lockdowns, closed courts, collection agents either sidelined or working from home, unprecedented government support payments and a reducti … Read more »

  • What Happens If Your Finances Change After Filing a Consumer Proposal?

    A consumer proposal is a formal arrangement under the Bankruptcy and Insolvency Act to settle debts for less than you owe. Your offer, or payment terms, are based on an assessment by your Licensed Insolvency Trustee of your financial situation at the time of filing, and your monthly payments will be … Read more »

  • Homeowners Not Filing Insolvency Despite Rate Hikes – Why Not?

    The Bank of Canada has raised its central bank rate eight times so far since last year reaching 4.50% in January 2023, up from a low of 0.25% at the beginning of 2022. The resulting higher cost of borrowing has led to a significant decline in mortgage originations and housing prices and plenty of di … Read more »

  • Why Does The Court Have To Approve A Consumer Proposal?

    A consumer proposal is a legal procedure filed under the Bankruptcy and Insolvency Act (BIA) and, as in most cases involving the law, the courts are involved. How involved depends on the situation and what type of proceeding you are filing. In this post, I’ll explain how a consumer proposal is appro … Read more »