Author Archives: Ted Michalos


About Ted Michalos

Ted is a Licensed Insolvency Trustee and Chartered Accountant with more than 20 years experience. He is a co-founder of Hoyes, Michalos & Associates Inc., one of the largest personal insolvency practices in Canada focused on helping individuals deal with their debt.

You know your debts won’t just go away and that you have to do something about them.  Not answering the phone, not opening the mail, not thinking about the problem isn’t working.  The phone keeps ringing, the past due notices keep piling up, and even when you don’t think you are worrying… Read more

Credit counselling is a very good alternative to dealing with debt problems. If you have a modest amount of debt, with very few creditors credit counselling, through a debt management plan, provides you with a voluntary program to pay off debt sooner. But how do you know if it’s the… Read more

One of the money solutions all financial advisors sometimes refer to is debt consolidation.  For those unfamiliar with the term, it means taking out a new loan (or line of credit) that is large enough to pay off all of your existing borrowing.  The reason you might do this is two… Read more

As recently as ten years ago, this issue seldom came up.  Now, we meet with people every week that need to understand what they can do to deal with their parent’s debt.  In most cases, the adult children that come in to see us have no idea how much their parents… Read more

In my practice I see a lot of older Canadians finding themselves facing debt problems they never expected to face in their senior years. In fact, debt among seniors is a growing trend, something to be concerned about. So when I first heard of reverse mortgages (quite a few years ago) my… Read more

2 jobs, 2 kids, 2 cars, RRSPs, RESPs, a house and a dog.  The Millers (not their real name) sound like the average Canadian family.  It sounds like they should have a pretty good life.  The problem is their debt.  They have a lot of it and it is not… Read more

I may not win many friends with this article, but I am of the opinion that one of the most effective ways to reduce bankruptcies and debt problems in the future is for people going through the process to share their experiences with family and friends. I am not suggesting… Read more

Credit card companies are in business to make money. When they issue you a credit card they make money by charging the merchant a transaction fee every time you use your card, and they earn money if you carry a balance or incur late payment or other credit card fees…. Read more

Banks & businesses are in the business of making money.  Period.  They provide a service or a product for a fee – when you borrow they charge you interest for using their money.  If you always keep that point in mind when you are borrowing money or buying on credit… Read more

The temptation to overspend during the holidays comes in many shapes and sizes. From lack of planning, to guilt and stress, to plain old Joie de vivre. Unfortunately reality sets in come the New Year. That’s why as bankruptcy trustees we get busy usually beginning around mid-January and running through… Read more