How Does Bankruptcy Affect my Credit Rating?

January 16, 2012

This is a common question we are asked when we meet with individuals. My name is Adam Rauf and I’m an articling student with Hoyes, Michalos & Associates Inc. and I work out of our Brampton Location. A blemished credit rating is an unfortunate consequence when an individual decides they need to explore debt management [...]

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Government Releases Bankruptcy and Consumer Proposal Rates for Toronto

January 11, 2012

The federal government (Office of the Superintendent of Bankruptcy) just released the bankruptcy and consumer proposal statistics for the year ended September 30, 2011. As we expected, the overall number of Canadians filing for bankruptcy or a consumer proposal fell during this period by about 8%. The interesting twist is that during this same time [...]

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If I go bankrupt, will I ever be able to borrow again?

January 6, 2012

For some people, making the decision to file for bankruptcy is easy.  For others, the decision is not so easy.  One of the things that make this decision so difficult is the negative impact on your credit rating and whether or not you will ever be able to borrow again.  Unfortunately the bankruptcy will be [...]

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Budgeting: Another New Year’s Resolution Broken

January 2, 2012

I was watching TV with my family on New Year’s eve. I think we were tuned in to Dick Clark’s New Year’s countdown from New York City’s Times Square. What caught my attention was a list of the top New Year’s resolutions. I did a little research on this after the fact, and here is [...]

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What is a trustee in bankruptcy, and who is Hoyes Michalos?

January 2, 2012

It’s 2012 – a new year, and perhaps time for a fresh start? If you’ve been starting to think about a personal bankruptcy, you likely have lots of questions. Perhaps one of the most important things to understand before you even look further into whether a bankruptcy is the right option for you is what [...]

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