Break Free of the Paycheque-to-Paycheque-Trap

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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. 

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Very knowledgeable, helpful and fast service
Anthony Mcfeat
1701299046
I am so delighted to have found this company. They are the best. Everyone in the office is very nice never to busy to assist you. Thank you David Sklar and Shirley and associates for being you. 😊🌺😊
Deborah
1701263894
Trina was amazing and quick. No judgement was made and they all made me feel I made the right decision. Would highly recommend them
Crystal Minaker
1701222756
Trina was very easy to work with. Any questions I had were answered promptly. What seemed like a complicated process was explained in a clear manner that wasn't at all intimidating. It made for a more comfortable experience during a turbulent time.
Eldon Aubie
1701134421
Jackie is very professional...I would recommend David Sklar to anybody especially knowing how understanding they are.
Kimberley Lyder-Niles
1700968057
I had Shirley and Kim take care of my finances. From the very first moment I spoke with Shirley I could sense how caring, professional and patient she was. She was also very understanding with my lack of financial knowledge and never made me feel dumb as some other companies have.Her and Kim were always very quick to respond to emails, always available if I called and answered my abundance of questions in such detail that I now believe I have a thorough understanding of how finances work. I am hopeful about my fresh financial start and very grateful I had the privilege of meeting and working with these two beautiful women.I also spoke briefly with Richard over zoom and he to was extremely friendly, patient and made sure I was well taken care of.I could not recommend David Sklar and Associates more. Thank you again.
Shayleen Muzi
1700875951
Good professional team! Jennifer is the best, helped me through everything and answered all my questions. Made the process easy! Would recommend Jennifer and the team at David Skylar.
gary round
1700868378
Christine and her team are amazing and professionals. I called for help and she responded right away to help me.thank you and I really appreciated for everything you do.
Marcelina Sunas
1700837681
Thank you so much for the helpYou took away the most stressful things in our lives which was our dept you guys are amazing and would recommend you to everyone
Kaitlyne Sunas
1700833567
The staff here are fantastic (Cori handled my visit) and are willing to go above and beyond to help people who need help, I recommend them 100% for people who are looking to move on in good standing.
Vito De
1700805574
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