A loved one can leave assets in their will, but what about debts?

Can you inherit debt? What makes you legally responsible for debt, and what should you do if creditors come calling?

Doug Hoyes and Ted Michalos tackle common concerns about a sensitive topic with a touch of lighthearted fun. They discuss joint accounts and credit cards, the role of executors, and life insurance paying off mortgages. They break down what happens to debt after death in Canada and offer important advice for seniors and families planning their financial futures. Whether you're an executor, a spouse with joint accounts, or just curious, this episode provides clear (and candid) answers and essential insights for Canadians.

Timestamps:

(0:00) Creditors Calling About a Loved One’s Debts

(2:30) Joint Credit Cards and Supplementary Credit Cards

(5:30) Estates and Executors

(8:10) Can You Go Bankrupt After Death?

(9:00) Can You File a Consumer Proposal for a Deceased Person?

(9:50) Key Responsibilities of an Executor When Managing Debt

(11:00) Should You Have a Joint Account with Your Spouse (or Anyone Else)?

(14:10) Using Life Insurance to Pay Off Mortgages: What You Need to Know

(17:00) Planning for the Future: Family Conversations About Debt

(19:00) Advice for Seniors: What Happens to Your Debts After Death?

(26:00) The Final Answer: Can You Inherit Debt in Canada?

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Resources:

What Happens to Debt When You Die in Canada

Hoyes Michalos YouTube

Hoyes Michalos Blog

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Find a Hoyes Michalos Office in Your Area Here

Disclaimer:

The information provided in the Debt Free in 30 Podcast is for entertainment and informational purposes only and is not intended as personal financial advice. Individual financial situations vary and may require personalized advice from a qualified financial advisor. Always consult with a financial professional. The views expressed in this episode do not necessarily reflect the opinions of Hoyes, Michalos & Associates, or any other affiliated organizations. We do not endorse or guarantee the effectiveness of any specific financial institutions or strategies discussed.

Is credit repair a scam? Learn the truth from experts about repairing damaged credit, understanding credit scores, and managing debt.

Doug Hoyes and Ted Michalos explain essential topics like credit utilization rate, responsible credit card usage, and when you should worry about your credit score.

Whether you’re working to rebuild your credit or aiming to maintain a healthy score, this episode is full of practical advice on credit and debt management for all Canadians.

Timestamps:

(0:00) Humorous introduction: Doug Hoyes and Ted Michalos on modern credit

(2:00) Should you worry about your credit score?

(5:10) Credit utilization rate and access to debt

(7:40) How many credit cards are too many?

(11:10) Can items be removed from your credit report?

(12:25) How often should you check your credit report?

(14:00) Practical strategies for reducing debt

(17:10) What is a consumer proposal? How does it impact your credit score?

(20:00) Why saving cash is more important than you think

(21:50) The importance of paying your bills on time

(24:00) The “223 Rule” explained

(26:00) Two new “trade lines” and additional credit repair tips

Subscribe to the DFI30 Newsletter here (only one email per month!)

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Episode Resources:

Rules to Master Your Credit with Richard Moxley

Why Are Credit Reports Always Wrong? Fixing Errors w/ Richard Moxley

“The Credit Game: Play To Win – Richard Moxley”

Straight Talk On Your Money – Doug Hoyes

Hoyes Michalos YouTube

Hoyes Michalos Blog

Doug Hoyes on X

Find a Hoyes Michalos Office in Your Area Here


Disclaimer:
The information provided in the Debt Free in 30 Podcast is for entertainment and informational purposes only and is not intended as personal financial advice. Individual financial situations vary and may require personalized advice from a qualified financial advisor. Always consult with a financial professional. The views expressed in this episode do not necessarily reflect the opinions of Hoyes, Michalos & Associates, or any other affiliated organizations. We do not endorse or guarantee the effectiveness of any specific financial institutions or strategies discussed.

Does it feel impossible to make any progress with your debt? Getting out of debt is a battle against high interest rates, financial traps like payday loans, and the emotional toll that debt takes on your mental health.

Doug Hoyes and Ted Michalos explore the hidden factors that keep you stuck, from the predatory lending practices that pile on to your balance to the family pressures and stress that make it harder to break free. Learn how to stop the cycle of borrowing and why ignoring debt only makes things worse. Discover the tools available to help you, including guidance from licensed insolvency trustees who will review all the options available to you and your unique financial situation.

You can get out of debt! 🎧 Subscribe to the Debt Free in 30 Podcast, hit the notification bell 🔔, and follow us on social media for actionable expert advice.

Timestamps:

(0:00) Introduction: Debt is more common than you think

(2:00) How debt accumulates over time

(3:50) The math of debt: Interest rates

(6:05) Predatory lending and the danger of payday loans

(8:10) Why a consolidation loan isn’t a simple fix for everyone

(12:00) Family pressures and their impact on your debt decisions

(13:55) Mental health struggles: Why many ignore their debt problems

(15:30) Debt fatigue: What it is and how it affects your motivation

(16:50) What happens when you ignore your debt and where to turn for help

(20:25) Step 1: How to begin tackling your debt

(25:25) Professional help: Realizing when your debt is too much

(28:00) The role of a Licensed Insolvency Trustee and exploring your options

Follow:

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Resources:

Hoyes Michalos YouTube

Hoyes Michalos Blog

Doug Hoyes on X

Find a Hoyes Michalos Office in Your Area Here

DEBTASIZED DOCUMENTARY


Disclaimer:

The information provided in the Debt Free in 30 Podcast is for entertainment and informational purposes only and is not intended as personal financial advice. Individual financial situations vary and may require personalized advice from a qualified financial advisor. Always consult with a financial professional. The views expressed in this episode do not necessarily reflect the opinions of Hoyes, Michalos & Associates, or any other affiliated organizations. We do not endorse or guarantee the effectiveness of any specific financial institutions or strategies discussed.