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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I had a great experience with Jerry Janiec and his team at David Sklar and associates. Within a week I was already accepted and filed for bankruptcy and in a few months I will be debt free! It feels like a lot of stress is off my shoulders. Jerry and his team are very friendly, helped me along the way and was there to explain every detail of the process with me. He gave my his card and is just an email/call away if I need any help with paperwork and completing my duties. He is a very patient and kind professional and I am so glad I chose him and this company to help me fix my financial problems. If you need help with a consumer proposal or bankruptcy (like I did) I highly recommend Jerry Janiec and David Sklar and associates!
Lisa Gomez
1709492022
Very professional and caring. Cori, explain everything and listened to my situation. If I didn't understand, she will explain it again. I'm glad that I went to David Sklar and Associates for my financial difficulties.
Richard Hong
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Great experience with this company . Especially Jennifer N. communication was amazing and really helped out my situation. Highly recommended her and David S .
Jay Mil
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Everything went well. I will update in 5 years
Trisha C
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My experience with Cori was phenomenal. Cori took the time to explain the process thoroughly, listened to my concerns and reassured me. Cori has exceptional people skills and cares about the people she is helping. The experience throughout was professional, kind, warming and inviting.
Angie
1709250956
A huge thank you to Jackie S and to the David Sklar and Associates team. Steps made easy , Jackie S has been there during the entire process , whether it was through emails or phone calls . I felt acknowledged and respected . I’d recommend David Sklar and Associate at a heart beat !! Cheers , Dennis
Dennis Armstrong
1709249142
Very happy to talk with grace and she explained my options.Grace is very knowledgeable,friendly,and helpful. She made feel very comfortable,with her help I am on the road to be debt free. She relieved so much stress. I highly recommend them.
Kelley Roberts
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David Sklar & associates is the place to be if you’re looking for help on your debt consolidation. Kudos on their staff Miss Grace Cuffaro who were very patient guiding me on complying all required documents.
Nhie GU
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Reduced my stress and gave me a second life. Sincere heartfelt thanks to the team.
Selvaraj Dhanagopal
1709061781
I am very pleased with the experience with your company. Great customer service and very professional. They made me feel like dealing with caring and friendly people. Jackie is a sweet lady. All of them very helpful.
Carolina Marroquin
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