Author Archives: J. Douglas Hoyes

About J. Douglas Hoyes

J. Douglas Hoyes, BA, CA, CPA, CBV, CIRP is a Licensed Insolvency Trustee and the co-founder of Hoyes, Michalos & Associates Inc., one of Canada's largest independent personal insolvency firms. As an expert in debt management, Doug has been helping people deal with debt for more than 20 years.

Andre (not his real name) is a 34-year old native of St. Catharines Ontario. He earns a modest salary as a service representative in the call centre for a local company. Andrea lives in an inexpensive apartment in the west end and owns an old Toyota Camry, which he uses… Read more

In our present-day culture, successful entrepreneurs are idolized. The Mark Zuckerbergs and Elon Musks of this world are looked up to by multiple generations. However, what is usually hidden from public view is the fact that many ultimately successful entrepreneurs had to struggle in the beginning with mounting piles of… Read more

Is it possible to have a mortgage that is simply too large? Here is the conventional wisdom: Buy as big a house as you can afford, because long-term house prices always go up, so you can’t lose. or It’s okay to take out a bigger mortgage to increase your leverage,… Read more

The average Canadian is quite capable of managing their debt, especially when that debt carries a low interest rate. For those who are in severe amounts of debt though, debt management becomes a case of crisis management. Unfortunately, the inevitable stress doesn’t always lead to the best financial decisions, often… Read more

Average house prices in Canada increased 12% in 2015. That may be making it difficult for new home buyers to enter the market, but if you already own your own home its likely good news that your home equity just increased. If you are currently trying to pay off credit… Read more

Who should you talk to if you can’t afford to repay your debts and are really in financial trouble? If you are taking money from one source to pay another, barely keeping up with your minimum payments or are relying on bad debt options like payday loans, it’s time to… Read more

The phrase “bank of mom and dad” is used as witty humour to highlight the fact that our younger generations are beginning to lean on their parents for support when it comes to paying for costly investments such as schooling, a car or even a house.  It’s not uncommon for parents… Read more

Interest rates in Canada are at historically low levels, and it’s very possible that they will stay below normal levels for many years into the future.  Governments with massive debts can’t afford to let interest rates increase and governments want consumers to keep borrowing so they can continue to spend… Read more

Almost one third of all personal insolvencies are now filed by the baby boomer generation. This is a staggering statistic, and shows that not only have many seniors not saved for retirement, but in fact they will be carrying debt into retirement. While some of your expenses may decrease in… Read more

It doesn’t happen often, but people as young as 18 have had to file bankruptcy in Canada. On average, about 12% of all insolvencies (both bankruptcies and consumer proposals) are filed by people between the ages of 18 and 29. And the truth is, it doesn’t take much debt to tip… Read more