2009 October - Howard Hayes Bankruptcy Cambridge Ontario Blog

Stopping a Wage Garnishment

October 8, 2009 Howard Hayes No comments

I’ve met with two people today in our Cambridge office who are both facing the same problem. The pay cheque the receive is about to be subject to a garnishment order. In Ontario, this means for a consumer debt, 20% of the gross pay will be deducted and sent directly to court for the benefit of the creditor.

It seems that in todays tough economic world, some creditors are reacting a little quicker than perhaps they have in the past to try and recover money owed to them by using legal channels rather than working out a plan together with you.

If you’re worried the same thing may happen to you soon, you need to know how to stop it from happening.

The first thing you could try to do is to make a deal with the creditor. You can approach the creditor and ask them if you can work out a payment plan that is more manageable for you. It is worth a try, but unfortunately, the creditors are probably not going to agree to it. If they have gotten a wage garnishment against you already, it probably means you have missed many payments and ignored their phone calls and letters. They will probably not believe that you will pay them just because you say you will.

There are two other options for you that are guaranteed to stop wage garnishments. Filing a consumer proposal or for personal bankruptcy. Both of these are legal processes and the rules say that when you file, creditors must stop the garnishment actions they are taking or have taken against you.

In a consumer proposal, we can help you make a deal with the creditors to pay back some, but not all of what you owe over a period of up to 5 years. In a bankruptcy, the concept is that you give all your assets (that are not protected from a bankruptcy trustee seizing) in exchange for the elimination of your debts. For more information on what assets cannot be lost in a bankruptcy click this link.

If your wages are being garnished and you would like to find out whether filing a consumer proposal or personal bankruptcy would be good options for you, send me an e-mail or call me at 519 622 3773 and I would be happy to review your situation and help you find a plan to get your full wages back.

Bankruptcy none

Backpacks for Bookworms

October 1, 2009 Howard Hayes No comments

This month we’re please to announce that we’ve supported a local charity here in Cambridge. We made a cash donation in support of the Cambridge Self-Help Food Bank’s Backpack’s for Bookworms program.

Backpack for Bookworms was created by the staff at the Self Help Food Bank when low-income families expressed a difficulty when purchasing school supplies for the upcoming school year. The recent economic downturn has effected every industry including schools. With parents of children going to school watching every cent, it’s important to ensure kids still have the opportunities they deserve.

Backpack for Bookworms ensures that families will be able to receive a backpack, school supplies and other essential school items such as a pair of running shoes for gym class.

If you’d like to help support our local charities such as the Cambridge Self Help Food Bank, you can visit their website or call them at 519-622-6550. You can also contact us here at Hoyes Michalos & Associates Inc at 519 622 3773 or 310-PLAN.