Bankruptcy Is A New Beginning In Your Life

free from debt

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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, 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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They seem to have given me back control over my earnings.
Theophilus Hove (Tad)
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Very professional and prompt service . Jackie made my experience very easy . Thank You
Frederick Kirby
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I can't praise Cori enough from David Sklar & Associates. Cori's acceptance and understanding of the diverse needs and concerns of her clients shines through with zero judgement. She made this process smooth and relieved much of my stress and anxiety around debt. Thank you!
Karen Swan
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My husband worked with Chen Siga, he walked us through our options and then through the process of getting everything done. Everyone we dealt with was very helpful. Overall a wonder experience, we are so glad we contacted them and got the help we needed.
Amanda Thomas
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I have been surviving on paycheck-to-paycheck basis and could not go any further because the lending interests just accumulated beyond what I can afford. Fortunately, a good friend recommended Grace Cuffaro from David Sklar & Assoc. and I finally got to settle my financial obligations in a reasonable way. Don't go anywhere else; ignore those financial brokers and social media ads who just want more money from you - go directly to the people who can really save you from drowning in debt.
REX ADAME Southern Ontario Canada
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I recently had the privilege of working with Trina at David Sklar & Associates, and I cannot praise her enough. Trina’s commitment to her clients goes above and beyond the norm. Here’s why she stands out:Incredible Knowledge: Trina is well-informed and deeply understands her job. Her expertise shines through as she navigates complex processes effortlessly.Client-Centric Approach: Trina doesn’t just follow procedures; she genuinely cares about her clients. She takes the time to listen, empathize, and tailor solutions to their unique situations.Clear Communication: Explaining financial matters can be daunting, but Trina excels at breaking down each step of the process. Her clarity and patience make even the most intricate details understandable.Availability and Accommodation: Trina’s dedication extends beyond office hours. She accommodates last-minute changes and ensures her clients feel supported throughout their journey.In summary, Trina is a gem in the world of customer service. If you’re seeking debt resolution, don’t hesitate to reach out to David Sklar & Associates—and ask for Trina. You’ll be in capable, caring hands.Thank you, Trina, for making a difference!
Darren Augustin
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Jerry Janiec is very helpful and professional. Thank you.
Urszula Kazula
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Unbelievable people who just want to help and I'm thankful
David Siria
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Jackie is awesome!Thank you for pointing me in the right direction.
Cindy McCormick
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Professional, knowledgeable and people oriented. Unfortunately for me, I had to ask for their assistance a few time and never regret about their service. 5 out of 5. Highly recommended.
Alexander Mikhyeyev
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