The Wealthy Barber Podcast #51 — Doug Hoyes: Bankruptcy, Consumer Proposals and the State of the Canadian Consumer
Apr 7, 2026
Doug Hoyes, Licensed Insolvency Trustee and co-founder of Hoyes Michalos, explains bankruptcy, consumer proposals and how trustees negotiate solutions. He discusses why many Canadians face debt today, from inflation and mortgage renewals to gambling, vehicle costs and divorce. Practical guidance on when to seek help and what happens during insolvency is covered in clear, real-world terms.
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Contact A Trustee Early Because Time Makes Debt Worse
- Seek help early; insolvency professionals can't charge upfront so initial consultations carry no risk.
- Hoyes urges math: use online tools or trustees to see whether debt is sustainable before compounding makes it worse.
Calculate True Repayment Time On High Interest Debt
- Do the math on high-interest debts now; minimum payments can take decades to clear.
- Hoyes points out 22% credit cards with minimum payments may take 47 years to pay off, so act sooner rather than later.
Know What You Keep And What You Lose In Bankruptcy
- In bankruptcy you keep exempt items but may surrender non-exempt investments and equity; expect a defined, typically short, timeline.
- Hoyes lists exemptions (basic furniture, older cars, RRSPs except last-year contributions) and discharge timelines of 9–21 months.
