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?

I cannot emphasize enough how thankful I am for Jackie Stanley's help with filing for bankruptcy.All of us dread being put in this position and we have a million questions about the process but trust me Jackie makes it so easy for you that you don't have to do anything yourself!She is very kind and friendly and puts you at ease right away. She emphasizes with you and let's you know it's not your fault.Most importantly when you leave that first meeting you will not believe the load that is taken off your shoulders. You can actually feel it!You are a godsend Jackie and I can't thank you enough!!I hope you are highly valued there as much as you are by me!
Sue Murray
18:45 05 Dec 21
Putting together and executing a Consumer Proposal can be daunting, that is unless you work with Cori Naron at David Sklar & Associates Inc. Cori's advice and support has been instrumental over the past five years. Thank you Cori!!
Barry Kuntz
20:37 01 Dec 21
I’m very happy with the services I received for Jackie Stanley who helped me get my finances in order. It was a quick and easy process & all of my questions were answered.
Amanda Frappier
01:18 19 Nov 21
I have had the privilege of being supported by Jackie at David Sklar Associate. She was very helpful, very professional and very friendly. She gave me the help I need. Thank you Jackie for your help.
Alex Taylor
22:03 17 Nov 21
Got my probe solved, great service
arny raposo
17:02 11 Nov 21
Jackie at Daivid Sklar and Associates is such a pleasure to work with. She explained everything in great detail and is always there when I have a question or concern. She really cares about her clients.
Steve Medica
09:33 10 Nov 21
I filed a proposal with another group, which came in as a referral from one of my brokers. My experience went from ok to bad to worse, due to lack of communication and education on the process I was to embark on. I worked with Cori Naron in the past, and I came to her now for help on literally doing the work that the other group should have done. Cori stepped in, educated me, advised on rights, responsibilities, how the process works and what potential outcomes may happen. I do not have enough words of recognition and gratitude for what she did - she alleviated stress, anxiety, dead-end thoughts and she made me live again. Congrats to DSklar for hiring her and retaining such talent.
Giani Kokolakis
18:45 25 Oct 21
Very professional service. Before contacting David Sklar & Associates i contacted bunch of other firms they seemed fishy. After I spoke with Jason Sklar at Hamilton Office I discovered professionalism with hope. I was explained every step of my situation with solution professionally. Thank you David Sklar & Associates.
Wajay Awan
07:29 12 Oct 21
I met David a few months ago and i am glad I did. He has helped me all the way through my bankruptcy with good advice and explained every step of the process. David is a very down to earth and very professional. Anytime I've had a question I was able to reach out to David by phone or email and he always got back to me. If your struggling with your bills and need a way to get help, I strongly recommend David Sklar &Associates to help you. My experience with them on 1-5scale would be a 5;; My life is so much better now, thanks to David Sklar.
Bruce Locke
16:13 08 Oct 21
I have had the privilege of being supported by Jackie S, at David Sklar n Associate.She was helpful, professional and friendly. I was able to get the help I needed at a difficult time in my life. I would recommend anyone who needs support with working out their debts to ask for Jackie, she will be waiting to assist however she can to help you through your debts. She works with a team who is always ready and responsive.Thank you Jackie and your team:)
Denise Simpson
15:17 09 Sep 21
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