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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Chan Abdulla
My visit at David Sklar & Association was great. I met Samycha and she was amazing and treated me with compassion and was never judge by anyone there at the office. I will recommend anyone that is looking for a new start in life again to book an appointment at David Sklar & Associate's. All the staff there is very polite and treat you like you are special.
Sheena
Extremely professional, empathetic, honest and down to earth.I felt as those I had previously known Samycha for years. Her ability to relate, understand and assist with my situation was comforting. Very happy with their services.
Simone Foster
The company as a whole is fantastic. If you’re not ready or serious they won’t harass you with cold calls but when you are ready they will help you with a realistic plan. Everyone I’ve worked with is efficient and knows what they’re doing. Just like everyone in the comments I have to praise Cori who I would describe to people like the auntie who knows best lol thank you for everything.
Ricardo Villa
Jerry Janiec and Hernee Templonuevo have been very helpful from beginning to end. Hernee is knowledgeable of what it is that is required of you regarding pertinent documents that they need. Jerry provides a clean picture of your options and makes recommendation that is suited with your current situation. Thank you, both.
Trish Gee
David Sklar & Associates… they work for you. They do everything they can to help you get out of debt. They lower your debt, then help you rebuild your credit. They care about helping Canadians get out of debt.I’m in a fair amount of debt, and they almost cut my debt in half for me, and in just five years, I will be debt-free, because of them. I’ve been sick because of the amount of debt looming over my head. After my first meeting with Grace, I feel so much better. Grace set up a Consumer Proposal to help me get out of my debt, and I can see an end to my debt. My mental health has gotten so much better since that first meeting, and I owe it all to Grace, and everyone at David Sklar & Associates. Thank you, all!
ronald hall
Trina was the one who handled my case. She was understand, patient and professional.
Chris B
Very professional and thorough
Miroslav Dobrilovic
Prompt and very professional responce,By my counsellor Jerry JaniecMake me belive, I'll be out of woods!
Godly Cruz
Cori was very helpful and kind. She thoroughly explained the process and guided me patiently all throughout. David Sklar & Associates is truly commendable.
Andy Bailey
It was a good experience with this company. I appreciate the time they took to help with my experience. Thank you very much and look forward to further business with you.
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