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This is the stuff you millionaires in the making need to know to kick start or propel you on your financial fitness journey. Tracey Bissett, Founder of Bissett Financial Fitness and award winning Financial Literacy Champion, gives you the straight goods each week to set yourself up for financial success. As a former executive at TD Bank, one of Canada's Big 5 Banks, Tracey has worked with and in support of thousands of individuals and entrepreneurs to secure the financing they needed.  This hands on experience combined with her formal financial education, Masters of Business Administration and Chartered Financial Analyst designation, position Tracey uniquely to coach all things money. Tracey goes behind-the-scenes of all the money matters with need-to-know tips, money-making demystified, and special power-player interviews. Join us weekly for Financial Fitness Training that will turn even a Cash Couch Potato into a Marathon Money Maker.

Nov 13, 2018

Doug Hoyes is the co-founder of Hoyes, Michalos & Associates Inc., a personal insolvency firm that helps consumers in need of debt relief. He is a passionate advocate for ensuring that people find the right solutions to their debt problems. Doug has a BA from the University of Toronto and is a Chartered Professional Accountant and Licensed Insolvency Trustee. He is the author of Straight Talk on Your MoneyThe Biggest Financial Myths and Mistakes…and How to Avoid Them, hosts the popular Debt Free in 30 weekly podcast and regularly comments in media publications such as the Globe and Mail, Global News, CBC, and BNN Bloomberg. 

Doug joins me today to explain the difference between consumer proposals and bankruptcy. He explains the work of a licensed insolvency trustee and how they help individuals find legal debt solutions. He explains the concept of garnishments and how they work as well as when to consider seeking a consumer proposal or filing for bankruptcy. He also shares sound advice surrounding debt and dispels the misconceptions that people may have regarding debt, bankruptcy, and consumer proposals. 


“Bankruptcy is very punitive - if you have the potential to earn more money.” - Doug Hoyes 


This Week on Young Money: 

  • Doug’s background and the creation of Hoyes, Michalos & Associates. 
  • What is a licensed insolvency trustee? 
  • What he credits his success to and the lessons he has learned.  
  • What a consumer proposal is and who might need one. 
  • An explanation of garnishments. 
  • How bankruptcy compares to a consumer proposal. 
  • How people feel after arranging a consumer proposal or filing for bankruptcy. 
  • The misconceptions people have about consumer proposals and bankruptcy. 


Doug Hoyes' Tips to Become Debt-Free:  

  1. Do the math. 
  2. Get help if the debt is insurmountable. Debt problems do not go away on their own. 
  3. Remember that you are not alone. 







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