Dealing with debt in Canada

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Debt in Canada

If you are dealing with debt that you are unable to repay, hopefully you will review all the available options. Here we will look at how filing for Bankruptcy, a Consumer Proposal or a Division 1 Proposal can help pay off and deal with your debt.

The reasons for you ending up in this financial disarray can vary. There may have been health issue in the family that needed to be dealt with, or there are spending issues within your family, or job loss. The list can go on for the actual reasons, but the bills keep increasing faster than they are able to be paid off, and you need to find a resolution to this problem.

This can cause a life of misery for many that are just looking to pay their debts, save for their future and live a happy life.

If you happen to encounter a situation similar to this, there are some options for you to consider, such as the government regulated debt relief programs.

Bankruptcy Trustees are the only licensed people that are licensed by the Government to file/administer bankruptcy, Division 1 Proposal or Consumer Proposals.

First you would need to be declared insolvent. This is that you are not able to pay your unsecured debts within a reasonable amount of time. Once you are declared insolvent, then we can see what gov’t programs will be suitable for you.

When the insolvent person is able to repay some of their unsecured debts, then this leads them into the option of perusing a Consumer Proposal, or a Division 1 Proposal (depending on the amount of unsecured debt that is owed).

With a consumer proposal, the debtor will now pay a portion of the unsecured debt back, and this is over a period of up to 5 years. With a consumer proposal, the majority value of the unsecured debt must vote in favor of the proposal. If this passes, then all of your unsecured debts are then covered within the repayment, and your assets are covered.

With a Division 1 Proposal, this covers people who happen to owe more than $250,000 in unsecured debt. Mortgages (primary residences) are not included within this

Bankruptcies tend to be the last choice recommended, and at times it is the best option available. Each case is carefully reviewed, and all options are provided, and the best course of action is given.

If paying off your debt is a problem, and getting out of control, call for a free consultation. We can review your finances and recommend the best course of action to help you get back on track 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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I was quite nervous and a little embarrassed that I needed financial advice. I met with Jerry Janiec and he was very helpful. He made me feel comfortable and explained everything in easy to understand terms so that I understood what my options were. I would recommend David Sklar & Associates for anyone in my position.
Melissa Blackburn
19:53 17 Nov 22
I was fortunate enough to be referred to David Sklar & Associates Inc. by a family member. Now in the10th month of a Consumer Proposal process, I am very impressed with the organization, professionalism and impeccable customer representation that I have experienced. To this effect, I amparticularly thankful to Jerry Janiec and Rhoda Lewis for their excellent work.
Suzanna Vaclavik
12:21 16 Nov 22
Recently dealt with Christine at David Sklar & Assoc. and worked out a Consumer Proposal to put forth to my creditors for my Credit Card debt. She was very courteous, professional and put me at ease with a proposal that I can afford on a monthly basis, which will eliminate my debit in a reasonable timeframe. I would recommend Christine and this firm in a heartbeat. Very happy with the service and attention I got !!
Patrick Kovanchak
01:59 15 Nov 22
Excellent customer service. Special thanks to Olga for being prompt and helpful. She’s a star. Bibi is helpful as well. Great agency to work with.
Fady Tadros
19:28 14 Nov 22
After seeing your commercial play on CP24, I realized that it addressed all the questions and concerns I had about my financial situation. It all started with my one phone call to your office. I had the extreme pleasure of working with Cori Naron at your St. Clair West office in September 2022. She took the time to explain what my options were knowing that it was a very stressful situation with my debt load. She made me feel at ease with my decision to file a consumer proposal and outlined the benefits to me. She is thorough and her attention to detail is outstanding. While it takes a little while to reap the benefits of making this hard decision, she took the time to reassure me that it was in my best financial interest. Well done David Sklar & Associates for having such an amazing representative at your company and for allowing me to "get a fresh start"!
14:31 14 Nov 22
Very highly perfection individual, well executed and greatly knowledgeable in his work, which guided me me the right decisions making opportunities. Thank you.Sincerely, Peter Romasz
Peter Romasz
20:18 13 Nov 22
Trina Powell was very helpful and made the process very easy. Thanks again for all your help.
Jennifer Hager
17:59 06 Nov 22
Jerry is a caring, trustful, knowledgeable and competent Sklar associate. He understood my needs and quickly went to work on my behalf. Ever indebted to David Sklar and Associates and especially to Jerry for his professionalism and caring approach.
David Craig
19:31 31 Oct 22
Jerry Janiec is very knowledgeable and very helpful everything he explained to me was straightforward and very easy to understand. I'm very pleased to be working with Jerry to become debt free. I will definitely be recommending to any friends or colleagues your services.Thank you again for helping me get on the road to be debt free. 5 Stars is well deserved.
Christopher Rakobowchuk
17:41 27 Oct 22
Hi there! I am very glad to met this company, especially Jackie Stanley. Thanks for her great work and help me to save my money! Very appreciable!
Mehri Agil
02:43 26 Oct 22
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