Author Archives: Ted Michalos, Bankruptcy Trustee

About Ted Michalos, Bankruptcy Trustee

Ted Michalos is a Chartered Professional Accountant, Licensed Insolvency Trustee and a co-founder of Hoyes, Michalos & Associates Inc., one of the largest personal bankruptcy and consumer proposal practices in Canada.

Do I Qualify for Personal Bankruptcy?
By Ted Michalos, Bankruptcy Trustee
04 Jan 2018 | Category: Bankruptcy FAQ | (6) comments

You are broke. No money. Way too much debt. You don’t feel you have any way out of your current situation. A friend suggests you file for bankruptcy, but you don’t know. Bankruptcy sounds so bad, besides, do you even qualify to file for bankruptcy? None of this is easy….

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Why You Should Complete Your Bankruptcy
By Ted Michalos, Bankruptcy Trustee
05 Jun 2015 | Category: Bankruptcy in Ontario | Leave a comment
bankruptcy discharge complete

I can’t stress the importance of this statement enough: It is critical that you complete the bankruptcy process once you begin it and get your discharge. There are few options for changing your mind once you have begun and they all involve paying more money back to your creditors. I…

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Consumer Proposal or a Second Mortgage – Which Is Better?
By Ted Michalos, Bankruptcy Trustee
11 Jul 2014 | Category: Consumer Proposal in Ontario | (4) comments
consumer proposal or second mortgage

In my opinion, there are very few instances when a second mortgage makes sense. The problem with a second mortgage is the interest. As I write this article, first mortgages rates are between 2 ½ to 4%, while second mortgages usually run from 12 to 18%. By comparison, a secured…

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What Happens to my Tax Returns and Tax Refunds in Bankruptcy?
By Ted Michalos, Bankruptcy Trustee
30 May 2014 | Category: Bankruptcy FAQ | (2) comments
tax returns and tax refunds in bankruptcy

When you declare bankruptcy in Ontario the trustee is obligated to file your tax return for the year that you file. Actually, the trustee will file two tax returns that year for you. The first will be for the Pre-Bankruptcy period or January 1st until the day before the date…

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How Much Debt Do You Need to File for Personal Bankruptcy?
By Ted Michalos, Bankruptcy Trustee
09 May 2014 | Category: Debts In Bankruptcy
How much debt to you need to file for personal bankruptcy?

When you file for personal bankruptcy you are declaring yourself to be “insolvent”.  To be insolvent you must: owe at least $1,000, and your assets (things you own), if sold, would not cover your debts and you are unable to pay your debts as they are due. Is Any Debt Amount…

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Should I Ignore Creditor Collection Calls?
By Ted Michalos, Bankruptcy Trustee
25 Apr 2014 | Category: Bankruptcy in Ontario | Bankruptcy Alternatives | (4) comments
don't ignore collection calls

If a collection agency is calling you it is because someone (or some business) has hired the collector to try and recover money that they think you owe them. Unlike sales calls, the collection agency is looking specifically for you and the only way they get paid is if they…

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Can I make a Lump Sum Proposal Offer to my Creditors?
By Ted Michalos, Bankruptcy Trustee
14 Mar 2014 | Category: Consumer Proposal in Ontario | (2) comments
lump sum proposal

Consumer proposals come in all shapes and sizes, including the not too common “lump sum payment” variety. Most consumer proposals in Ontario are based on a simple monthly payment format. The person filing the proposal will make monthly payments into their proposal for the benefit of their unsecured creditors. The…

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Will I Have To Appear In Bankruptcy Court?
By Ted Michalos, Bankruptcy Trustee
31 Jan 2014 | Category: Bankruptcy in Ontario | Bankruptcy FAQ | (2) comments
appear bankruptcy court

The vast majority of people that file for personal bankruptcy never have to appear in Bankruptcy Court. The system is designed specifically to keep you out of Court – it is only in unusual cases or when people fail to complete the process properly that they are required to appear…

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