Name: Hoyes, Michalos & Associates Inc.
Address: 800 King Street West, Suite 2A, Kitchener, Ontario, N2G 1E8
Telephone: 1-866-747-0660
Rating: 5.0

Dealing with Debt and Financial Problems in Toronto

Are you tired of struggling with debt payments?

It is possible to consolidate and cut your debt by up to 70%.

With 9 locations across Ontario, an A+ rating on the Better Business Bureau and an excellent rating from our clients, we will work tirelessly to provide you with the best debt solution for you and your family.

Get Debt Help – Toronto Locations. Find an office near you:

It’s easy to get into debt, especially in a high cost city like Toronto. Residents of the Greater Toronto Area face unique financial challenges when it comes to managing debt. The average price of a house in Toronto has tripled in just two decades. This has financial implications for both homeowners and renters. High housing prices mean large, and often high-risk mortgages. Landlords pass the costs to tenants in the form of high rents. All of this means that Toronto has a very high cost of living.

And living expenses are rising faster than income. When this happens you borrow, using debt to make ends meet. This might start as a few hundred dollars placed on a credit card, but eventually, it escalates to more expensive forms of debt like payday loans and high-interest financing loans. Eventually, you find yourself paying more interest every month with no expectation that you’ll ever pay off your principal balances.

You are not alone in facing such a heavy consumer debt load. Here is the debt profile of the average person we help in the Toronto area.

Average Unsecured Debt and Typical Savings for Our Toronto Clients

	Total Debt	Settlement	Savings
Brampton	$51,371	$18,000	$33,371
Markham	$64,508	$22,500	$42,008
Mississauga	$56,964	$19,800	$37,164
North York	$44,357	$15,000	$29,357
Scarborough	$47,144	$16,500	$30,644
City of Toronto	$56,564	$19,500	$37,064
Vaughan	$44,984	$15,600	$29,384
Average GTA	$53,537	$18,000	$35,537

Client Reviews

Our process is simple. If you give us 30 minutes of your time, our knowledgeable, experienced team will help you build a plan to become debt free. We’ve been helping people living and working in the Toronto region find the right debt solutions to get out of debt since 1999. We’re proud

Chris T.

3/03/2020

Hoyes made it super easy to go through a time like this. They were informative and supportive. The employees are super nice and understanding.
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footprint 9.

11/01/2022

Hoyes, Michalos & Assoc. were a pleasure to deal with. They helped me every step of the way with my case. They told me exactly how to do things and always replied to me by email and kept me update with everything. Couldn't have asked for better. Thank you so much for your professionalism and your assistance with everything. I am now stress free.
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Jenna T.

2/12/2022

Nicholas really took the time to go through all the information and get my consumer proposal the best rate. He made the process really simple and easy. I was very worried going into this but Nicholas truly helped me feel secure that I was making the right decision.
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Ghada Y.

6/29/2023

I am SO glad that I made a good call when I reached out to Hoyes and Michalos Association. I am relieved that I got the best advice for my situation and I learned things that I didn’t know before during this 30 minutes meeting with Mr. Doug. I highly recommend this place to get the guidance and help you need.
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Amy P.

10/17/2019

My trustee was knowledgeable and efficient. He answered all of my questions and concerns effectively and in a friendly manner. They were great to deal with.
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SUNIL S.

4/09/2022

My experience with Jason Quinney was great, he saved me drowning in debt problems. I will always be grateful for these great people. Thank you Jason.
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Sivarajah V.

8/12/2019

Excellent service. Guranteed. No hidden charges. Amazing dependable.quite satsfied
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Rowena L.

1/31/2020

Thanks to Hoyes, Michalos & Associates Inc. for making my financial life easier and better now . Ive come to their office with fear and stress and they were able to help me from day 1 by giving me a very good solution. Special Thanks to the Trustee who handles my file , Benny Mendlowitz, who is very knowledgeable, confident and put a lot of effort on my case. From the time I signed , the proposal was filed same time and I don't have to go through a lot of phone calls from the creditors because of Hoyes very well structured process in place, including the support of administration. They get back to you right away whenever you have questions and very responsible in updating the status of your file even if not asked. Very professional from the staff to the Trustee and the rest of the team. Thank you for all your effort and very smooth process, I am now in a better financial situation because of your help and professionalism. Not only , you mean business but you really care for people especially those like me who wants to have a better financial life. Thank you very much, appreciate your big help!
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Kay M.

6/13/2022

Benny and his team are life savers. They provided sound financial advice, acted quickly and fairly on my behalf. Even with as busy as Benny is, he always finds time to answer questions and provide guidance. I never felt lost, confused, or like I couldn't get the help I needed at any time. Utmost professionalism and compassion.
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Dianne D.

7/17/2022

I decided to take charge of my debts and do a Consumer Proposal with Hoyes, Michalos and Associates. They were very helpful, they worked with me step by step with my debts and monthly payments. I even took a Credit Rebuilding Course with them for free. They helped me to get back on track with debts and establishing good credit. Thank-You
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See more reviews and testimonials

Debt Solutions in Toronto

Hoyes Michalos is one of Toronto’s largest Licensed Insolvency Trustee firms focused solely on helping individuals find a way out of debt.

Why Talk with a Toronto Licensed Insolvency Trustee like Hoyes Michalos?

Licensed Insolvency Trustees are the only debt professionals trained and regulated by the Canadian government. We are the most qualified to help you explore a full range of debt solutions and take charge of your debt. If you choose to file a bankruptcy or consumer proposal, this service can only be provided by a Licensed Insolvency Trustee. Your trustee will deal with your creditors for you and can stop collection calls and wage garnishments.

Bankruptcy Services

Bankruptcy is always the option of last resort however you do not lose everything if you do need to file bankruptcy. Many assets are exempt from seizure by your trustee including your personal belongings, household items and even a car with a low dollar value.

Our Toronto bankruptcy team will meet with you and review your financial income to see if bankruptcy really is the best solution. In many cases, bankruptcy can be avoided. If however, you need to file bankruptcy, we will be available to answer any questions you have along the way.

Consumer Proposal Services

Bankruptcy is not your only option though. Nine out of ten of our Toronto clients file a consumer proposal as an alternative to bankruptcy. If you do have assets you want to keep, we can guide you in learning how a consumer proposal works.

Consumer proposals in Toronto are a debt option that allows you to make a deal with your creditors to repay less than you owe. Your settlement is based on your income and what you own, but savings of as much as 70% of your debts are possible. If you choose to file a consumer proposal, your trustee will negotiate with your creditors to achieve a reasonable monthly payment that you can afford.

A consumer proposal can help you:

Consolidate unsecured debt
Make only one, single, lower monthly payment
Eliminate interest
Stop creditor actions
Keep your assets

Debt Consolidation Options

As a Licensed Insolvency Trustee, Hoyes Michalos has the experience to help you review your debt consolidation options. There are so many Toronto consolidation programs available to people in the Greater Toronto Area, it’s hard to know where to start. We can help you compare the merits of a debt management plan, debt consolidation loan or consumer proposal.

For homeowners, you may be able to use the equity in your home to get out of debt. Even here, you have options. Hoyes Michalos can help you compare the risks and costs of taking on a second mortgage with using the equity in your home to make a repayment plan through a consumer proposal.

Credit Counselling Services

Hoyes Michalos provides Toronto credit counselling services both before and after you file. When you call us, we’ll help you create a plan that is affordable to you. During your free debt assessment, your trustee will ask you a few simple questions. Who do you owe money to? What do you own? What is your income and household budget? With this information, your Toronto trustee will review all possible debt solutions with you including, debt consolidation, bankruptcy, and a consumer proposal.

When you file a consumer proposal or bankruptcy you also receive 2 free credit counselling sessions. This is part of the bankruptcy and consumer proposal process and is designed to help you learn how to budget, manage money and how to rebuild your credit.

Why Choose Us?

When working with Hoyes Michalos you are guaranteed respect, confidentiality, and expert financial advice. At Hoyes Michalos we believe you should always talk with a professional. For over 20 years we’ve focused solely on helping individuals find debt relief.

To reach us, call us at 1-866-747-0660 or contact any of the trustees in any one of our Greater Toronto Area locations.

Debt Solutions in Toronto – Licensed Insolvency Trustees