Bankruptcy Is A New Beginning In Your Life

free from debt

Bankruptcy is a tool that’s available to honest debtors who have taken on more debt than they can pay. It will help you take back control of your financial life and start rebuilding your credit history, your financial security, and your ability to qualify for major loans like a mortgage, car loan, or business loan in the future.

Don’t let the stigma around bankruptcy prevent you from making a smart decision when it comes to a debt you can’t afford to pay back.

There are some common myths about bankruptcy that prevent many people from exploring their options earlier. Here’s the truth about filing for personal bankruptcy in Ontario today:

  • You will not lose your job. In fact, there is no reason for your employer to know that you have filed for bankruptcy. Only a narrow handful of professions are affected by bankruptcy, mostly those in finance.
  • It’s unlikely that you will lose your home. This is the number one concern we hear from clients considering bankruptcy at David Sklar & Associates. There is some equity exemption on your principal home which helps, but if there is more equity than the exemption, many times a payment arrangement can be made so that you can keep your house.
  • Paying off your debt on your own is not necessarily a better option. For many, it’s simply not possible, but the attitude that you should go to extremes to pay off your debt no matter what can make your situation worse, such as with a high-interest debt consolidation loan. Bankruptcy is a serious financial decision, but sometimes it’s the right one. In a bankruptcy, you do something, but it is a significant reduction from what you owe.

If there’s one thing we hear at David Sklar & Associates all the time, it’s that our clients wish they had done it sooner.

There are two conditions to be eligible for bankruptcy:

  1. You owe at least $1,000 in unsecured debt, which includes credit card debt, utility bills, medical bills, money owed to a merchant or service provider, payday loans, lines of credit, or any loan that’s been extended without collateral. A higher risk for lenders, it almost tends to come with higher interest rates.
  2. You are insolvent, which means that given the size of your debt and your income, you can’t reasonably be expected to pay it back. A consultation at David Sklar & Associates in west Toronto or any of our other 5 GTA locations can help you determine your eligibility.

A bankruptcy trustee, now known as a Licensed Insolvency Trustee, is the only professional who can help you determine if you are insolvent. They are also the only professionals who can offer personal bankruptcy services and real debt relief.

Filing for bankruptcy is not a personal shortcoming. It’s a way for honest debtors to take back control of their finances. Often people wind up in debt they can’t afford to repay because of circumstances outside of their control. If you’re ready to get your financial life back on track, we offer financial services in west Toronto including bankruptcy and consumer proposals.

Your bankruptcy trustee is ready to walk you through the insolvency process. Start with a consultation and learn about the different options available to you. This is your chance to start over again.

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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