Break Free of the Paycheque-to-Paycheque-Trap

Table of Contents

Breaking Out of the Paycheck-to-Paycheck Trap

According to a study done by the Canadian Payroll Association in the Fall of 2012:

  • 52% of respondents from Ontario indicated that they were living paycheque to paycheque.

We often see the stress and damage that living with this kind of balancing act can cause. Not only can finances be ruined, huge debts incurred, and family security put at risk – relationships can be destroyed.

If you are caught in the paycheque-to-paycheck trap – it can seem like there is no way out. Especially if you are carrying an excessive debt load.

Some people are able to break out of this dangerous pattern by budgeting, cutting expenses, taking a second job, and not using credit.

But for many, even with a job, their debt is too much to deal with. They are simply unable to repay all their debt and get out of the paycheck-to-paycheque trap.

Getting Help

The Canadian government recognizes that there are times when ‘honest but unfortunate’ people (debtors) are simply too far in debt to ever reasonably get out of debt. To help people caught in this situation, they have set up the bankruptcy and consumer proposal processes.

Most people are familiar with bankruptcy – but many have not heard of consumer proposals.

In Ontario, only licensed trustees in bankruptcy, like David Sklar & Associates, are allowed to file and administer consumer proposals.

Simply put, a consumer proposal enables qualified people, using the services of a Licensed Insolvency Trustee, to set up a legally-binding arrangement with their unsecured creditors to pay off a portion of their debt in exchange for release from their unsecured debts. Note: there are some unsecured debts that cannot be included in a proposal.

These agreements, once accepted by the creditors, usually result in manageable monthly payments spread out over a period of up to 5 years. In exchange, the assets of the person filing are protected from the unsecured creditors, and the unsecured creditors agree to stop all collections efforts and to stop interest charges.

To help the debtor avoid future problems with debt – part of the proposal requires them to attend credit counselling, where they are taught the skills to build a more financially secure future for themselves and their family.

Getting Help in the Toronto Area

If you live in the Toronto area and cannot find a way out of your excessive debt load – you are welcome to call us at 416-498-9200 for a free consultation. During your consultation, our caring, licensed professionals will review your finances and discuss all of your options for getting out of debt and getting on with your life.

 

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. 

Share This!

Christine Sylver was very helpful to my situation. No question asked, she went above and beyond just to give me the options that I need to solve my problems. She explained and made me understand my options. Thank you Christine! Everything was done in a week. Regards, to Richard Sklar for explaining everything further to me. 😊
Kris
1685201109
I was blown away by how kind and empathetic Christine and David were. I came into the process expecting to feel embarrassed, but they were so helpful and unquestionably supportive, they made the whole experience a positive thing. On top of that, Christine found a solution for me that was better than I ever could have imagined. I highly recommend Christine, David, and colleagues to anyone.
Mary M
1684189795
Christine Sylver has been very efficient in working with me in all aspects toward developing a very favourable consumer proposal which meets my financial budgeting very nicely. She also exhibited a very positive pro client attitude and was every pleasant to communicate with. Richard Sklar also demonstrated a very positive pro client attitude in explaining in detail all aspects. All great!!
Rob Hultgren
1683919919
Dealing with Christine was a real pleasure.She was very understanding professional and knowledgeable she answered all my questions.I left feeling relieved a big burden was lifted from my shoulders
John Horan
1683830383
Very happy I got in touch with Jackie! She has been a great help and a pleasure to work with! I highly recommend Jackie if you need help getting out of financial debt.
Hailey Cascagnette
1683647325
I had the pleasure of working with Jackie and she made the experience very easy and was very honest which I appreciated as I was extremely nervous to go through with the process. Any questions or concerns I've had after our meetings were answered no problems and although it's been a few weeks I can honestly say I've never felt so stress-free. Very thankful for Jackie.
Cassandra Arevalo
1683644364
Very considerate of how people can sometimes make mistakes and need help to get things back on track. Great team of people. Thanks to Jacqueline for all her help.
Kevin Chase
1683498014
My mother told me about this firm because they helped resolve her situation nearly 25 years ago. I had the pleasure of working with Christine Sylver. I should’ve done this years ago but I am where I am and it is what it is. Extremely courteous, professional and understanding. I hope to never need their services again but they would be my first call! A+
Patrick Martel
1683324165
Jerry was extremely thorough and ensured that as a client, I understood all of my options and their repercussions. He offered his professional advice best suited for my situation and he is amazing at his work. Thank you Jerry! :)
Stephanie Belanger
1683317517
Great experience with Jerry and staff. Thank you.
Harold Hutchings
1682737038
js_loader
DS david skalr icon

Book your free consultation.

Call 1-844-962-9200 or fill out the form below. We’ll do the rest.

Contact Us