Tag Archives: debt settlement

Will Bankruptcy Eliminate My Payday Loans?
By Rebecca Martyn, Trustee
13 Feb 2015 | Category: Debts In Bankruptcy | Leave a comment
payday loans bankruptcy

A study completed by Hoyes, Michalos last year indicated that 1 in 8 people who have filed for bankruptcy or consumer proposal had at least one payday loan. From the files we reviewed, if someone owed money to payday loans, they didn’t owe just one company, but had an average…

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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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New Debt Settlement Rules Proposed by Ontario Government
By J. Douglas Hoyes, Trustee
04 Jan 2013 | Category: Bankruptcy Alternatives | Leave a comment
debt settlement companies legislation ontario

The Ontario government has announced proposed legislation to prevent debt settlement companies from charging consumers huge up front fees for doing nothing.  According to the government press release: Through new regulations, the government will: Ban debt settlement companies from charging up-front fees Limit the amount of fees consumers are charged…

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