Ted Michalos , B.A., CPA, is a Licensed Insolvency Trustee and co-founder of Hoyes, Michalos & Associates Inc. in Ontario, Canada.
Clients in four provinces have access to this niche repayment option.
Many clients know all about the benefits and perils of borrowing money, but it’s likely they’re less prepared to be lenders.
There may come a time when one of your clients calls to say, “I’ve gotten myself into a financial mess and I think I need to file for bankruptcy.”
Ontario has changed the law governing what bankrupt clients may keep, and what creditors may seize, to settle debts.
Ontario clients trying to pay down debt are now protected from being charged exorbitant fees for debt-settlement help.
Most Canadians believe they’ll retire and be able to live comfortably. Unfortunately, many of them are wrong.
The last thing an aging parent or relative wants is for his estate not to be passed on as intended. But if an heir is bankrupt, what happens to his inheritance?
Choosing between a consumer proposal and bankruptcy comes down to how each will impact someone’s income, assets and monthly payments.
Your client just told you they declared bankruptcy. What will happen to their registered investment accounts?
Even basic advice on working toward good credit can help a client re-establish his finances faster than he would on his own.