A Guide to Bankruptcy Recovery

bankruptcies ontario

Table of Contents

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, call us at 1-844-962-9200 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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So over the past few weeks I’ve had multiple contact with Christine. She was simply amazing. She helped me understand my debt and what options I had available to help relive some of my debt stress that’s affecting my own well being and my family.David Sklar and associates is simply put an amazing company and I highly recommend them to absolutely anybody needing help!
Adam Bertrand
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Christine Sylver was very helpful to my situation. No question asked, she went above and beyond just to give me the options that I need to solve my problems. She explained and made me understand my options. Thank you Christine! Everything was done in a week. Regards, to Richard Sklar for explaining everything further to me. 😊
Kris
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I was blown away by how kind and empathetic Christine and David were. I came into the process expecting to feel embarrassed, but they were so helpful and unquestionably supportive, they made the whole experience a positive thing. On top of that, Christine found a solution for me that was better than I ever could have imagined. I highly recommend Christine, David, and colleagues to anyone.
Mary M
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Christine Sylver has been very efficient in working with me in all aspects toward developing a very favourable consumer proposal which meets my financial budgeting very nicely. She also exhibited a very positive pro client attitude and was every pleasant to communicate with. Richard Sklar also demonstrated a very positive pro client attitude in explaining in detail all aspects. All great!!
Rob Hultgren
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Dealing with Christine was a real pleasure.She was very understanding professional and knowledgeable she answered all my questions.I left feeling relieved a big burden was lifted from my shoulders
John Horan
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Very happy I got in touch with Jackie! She has been a great help and a pleasure to work with! I highly recommend Jackie if you need help getting out of financial debt.
Hailey Cascagnette
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I had the pleasure of working with Jackie and she made the experience very easy and was very honest which I appreciated as I was extremely nervous to go through with the process. Any questions or concerns I've had after our meetings were answered no problems and although it's been a few weeks I can honestly say I've never felt so stress-free. Very thankful for Jackie.
Cassandra Arevalo
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Very considerate of how people can sometimes make mistakes and need help to get things back on track. Great team of people. Thanks to Jacqueline for all her help.
Kevin Chase
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My mother told me about this firm because they helped resolve her situation nearly 25 years ago. I had the pleasure of working with Christine Sylver. I should’ve done this years ago but I am where I am and it is what it is. Extremely courteous, professional and understanding. I hope to never need their services again but they would be my first call! A+
Patrick Martel
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Jerry was extremely thorough and ensured that as a client, I understood all of my options and their repercussions. He offered his professional advice best suited for my situation and he is amazing at his work. Thank you Jerry! :)
Stephanie Belanger
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