One of the keys to financial success is to be skeptical: don’t believe everything you read, hear or see. There is an infomercial on television where the product is only $19.99, but if you call within the next twenty minutes we’ll send you a second one absolutely free, "just pay separate shipping and handling." A free offer sounds like a great deal. But if it’s free, and if they are sending me one of the products already, why do I need to pay "separate" shipping and handling? Can’t they put both of them in the same box? How much is separate shipping and handling? $20? That doesn’t sound like such a great "free" deal.
When watching commercials, or any form of advertising, we need to be skeptical. We need to ask questions. "What is the true cost of that "free" offer?"
When a credit card company sends you a "low introductory rate" offer, be skeptical. Why are they giving you a low introductory rate? Why is it only an introductory rate? Why isn’t it a permanent rate? Obviously the answer is they want to entice you with the low rate, and then once you have signed up they will increase the rate, perhaps to a rate even higher than what you are paying now. That doesn’t seem like such a great deal after all.
What about those ads you see telling you that "we can get rid of your debt without the need to declare bankruptcy in Canada"? How can a debt consultant just get rid of your debt? If all the debt consultant will be doing is calling your creditors and asking for a deal, you can probably do that on your own.
Of course you should be skeptical of everything I say on this website. How do you know if I’m telling you the truth? How do you know if I’m making an offer that is too good to be true? Ultimately, you have to be skeptical, and decide for yourself.
I can tell you that my firm, Hoyes, Michalos & Associates Inc. has provided personal insolvency services to residents of Cambridge since 1999, and a large portion of our work comes from referrals, so we must be doing a good job. We are licensed by the federal government of Canada, and regular government audits ensure that we are following all of the rules.
But don’t take my word for it: do your own research. Ask your friends. Read my previous bankruptcy Cambridge blog posts. Read our list of Frequently Asked Bankruptcy and Proposal Questions. Watch our bankruptcy and proposal videos. Read one of the dozens of articles I have written, or watch clips from me on TV, and listen to interviews I’ve done on the radio. You can even follow me on Twitter for up to the minute information.
There are many other good bankruptcy trustees, credit counsellors, and financial advisors in Cambridge. Do your research on all of them, and then decide who has the expertise to help you deal with your financial problems. Be skeptical. Then, when you are ready, give my office in Cambridge a call at (519) 622-3773 or 310-PLAN, or e-mail me, and we can arrange a no charge initial consultation to review your situation.
And when we meet, ask questions. And be skeptical.



As a bankruptcy trustee my job is to ensure that the bankruptcy process is fair to everyone. I don’t work directly for you, the person in financial trouble, but I also don’t work for the creditors (the people you owe money to). I’m like the referee in a hockey game; my job is to make sure that everyone follows the rules. If you go bankrupt, my job is to ensure that you make the required payments, and fulfill your other duties. If a creditor attempts to garnishee your wages or harass you while you are bankrupt, I’ll go to court to stop them if required.

