A Guide to Bankruptcy Recovery

bankruptcies ontario

Are you considering filing for personal bankruptcy? While the word “bankruptcy” carries a certain amount of severity in the media and in common conversation, this method of debt relief might be the right avenue for you to get back on track with your finances. As a resident of Canada, you’re eligible for bankruptcy if you’re over 18 years of age, owe more than $1,000, and have explored all other options of debt repayment.

Before you make any decisions about how to proceed with your debt, you should speak with a Licensed Insolvency Trustee (formerly known as a bankruptcy trustee) at David Sklar and Associates to weigh your options. Only a bankruptcy trustee can file for bankruptcy for you, so it only makes sense to go through the consideration phase with an empathetic and knowledgeable trustee.

Bounce Back from Bankruptcy

The reality about bankruptcy is that your credit score will take a serious hit after you file. Anyone who has gone through the process will tell you that the changes to your credit score, as well as asset control, is what you need to know before filing for bankruptcy in order to ensure you make a sound decision. Your trustee will consult with you about the benefits and drawbacks of the process so the impact doesn’t come as a shock.

You just have to accept the drawbacks of the bankruptcy process, but know that a damaged credit score can be repaired. With commitment and planning, you can start to rebuild your credit score and develop healthy financial habits along the way.

If you’re not sure how a bankruptcy trustee can help you, consider their counselling and advice. Your trustee will help you through every step of the formal bankruptcy process, but they’re also skilled at giving financial advice to help you recover from the process.

Learn to Budget

Life after bankruptcy usually means you will be paying higher interest rates with your early loans. With budgeting and a focus on establishing good credit, these changes to your financial profile won’t matter as much to you. If you’re not used to budgeting, there’s no better time to start than the present. Especially for individuals who don’t have a clear sense of where their money goes, start out with a three-month observation period.

Track your expenses for three months to see how much you spend and where. After three months, review your spending and be realistic about what is a necessity, what is a luxury, what is urgent, and what requires long-term planning. By doing this you can set boundaries with your spending and establish a healthy plan for where your money needs to go over the next few years.

Start a Relationship with Cash

How much of your daily spending is done with credit cards or debit? After bankruptcy, your mindset about money changes and you will be motivated to only spend what you need and save as much as you can. It’s important to re-establish credit so don’t shy away from responsible credit use. Using cash where you can, however, helps you visualize your spending and keep you from overspending.

Take Your First Step Towards A Debt Free Life

If you are overwhelmed by debt and live in the Toronto area, call us at 416-498-9200 to book a FREE, confidential appointment. We will review your financial situation in detail and discuss all of your options with you. Alternatively, you can fill out the form below and our team will reach out to you. 

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Ready to live debt free?

The best decision I've made was to contact David Sklar & Associates, they are experts in this matters and also have dedicated Licensed Counsellors that provide the best customer support, like Rhoda Lewis, who I highly recommend. She worked tirelessly on my case, explaining ever detail to me willingly. She demonstrates a true interest in her clients. I appreciate how she patiently walked me through what to do, step by step. I now have control over my finances, as a result my life is much more peaceful and I can focus on what matters. Thank you!
Nilda H.
20:18 16 Jun 22
Very helpful and friendly! I am more than satisfied with my experience here. And more than happy with the outcome! Would definitely recommend .
Peggy Bulger
15:10 14 Jun 22
Jerry at David SKLAR helped me thoroughly understand my options and made me feel at ease. If you are looking at this type of service/help, I 100% recommend you give them a call.
Colleen H
12:50 14 Jun 22
Rhoda is a wonderful person, She help me and guided me throughout the process. I couldn’t do it without her support and expertise. Now I can start fresh and full of hope of a better life ahead of me.
ariezel erandio
21:33 06 Jun 22
The service I recieved from David Sklar and Associates was great. I was able to meet with Christin Sylver. She is kind, understanding and, professional. She was able to answer all the quesions that I had regarding my debt. At the end of our meetings, I felt that there is a heavy burden lifted from my shoulders. I recommend Chistine to anyone who is looking into debt relief.
Aliya H
12:11 04 Jun 22
Jerry is a very patient person, he answered all my questions and made this experience so smooth and easy for me. I was not sure what to expect but dealing with him made me feel so much better. He sure knows what he is doing and how to put people at ease for sure (should have done this long ago). I recommend him to anyone I am so glad I had him on my side and now to do my part. Thanks Jerry ur greatPattie
Patty Murphy
21:34 18 May 22
Rhoda Lewis helped me achieve a fresh start two and half years ago! She was very professional with a very warm, caring personality! I emailed her today with a question and she responded quickly. She's great at her chosen profession!!
Debbie Livingston
01:24 11 May 22
Nothing but good things to say about Jackie. She was so nice and so understand and everything was so quick and easy. In a matter of a week, there was the solution that I never thought was possible. Thank you so very much for everything that you have done. ❤️❤️❤️
Cassandra Keenan
21:05 10 May 22
I was in a lot of debt and stress, Jackie Stanley with David Sklar & Associates was very professional, and extremely helpful with getting out of debt. I should of did this sooner, they take the all the weight and stress of a persons shoulders, amazing team at David Sklar & Associates!!
Hubert Z
03:08 10 May 22
Jackie helped me out during a really tough time and she made the entire process very easy and painless. I highly recommend reaching out to her if you find yourself in any financial trouble. You won’t be disappointed!
prettylush 13
02:42 10 May 22
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