Dealing with debt in Canada

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 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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The best decision I've made was to contact David Sklar & Associates, they are experts in this matters and also have dedicated Licensed Counsellors that provide the best customer support, like Rhoda Lewis, who I highly recommend. She worked tirelessly on my case, explaining ever detail to me willingly. She demonstrates a true interest in her clients. I appreciate how she patiently walked me through what to do, step by step. I now have control over my finances, as a result my life is much more peaceful and I can focus on what matters. Thank you!
Nilda H.
20:18 16 Jun 22
Very helpful and friendly! I am more than satisfied with my experience here. And more than happy with the outcome! Would definitely recommend .
Peggy Bulger
15:10 14 Jun 22
Jerry at David SKLAR helped me thoroughly understand my options and made me feel at ease. If you are looking at this type of service/help, I 100% recommend you give them a call.
Colleen H
12:50 14 Jun 22
Rhoda is a wonderful person, She help me and guided me throughout the process. I couldn’t do it without her support and expertise. Now I can start fresh and full of hope of a better life ahead of me.
ariezel erandio
21:33 06 Jun 22
The service I recieved from David Sklar and Associates was great. I was able to meet with Christin Sylver. She is kind, understanding and, professional. She was able to answer all the quesions that I had regarding my debt. At the end of our meetings, I felt that there is a heavy burden lifted from my shoulders. I recommend Chistine to anyone who is looking into debt relief.
Aliya H
12:11 04 Jun 22
Jerry is a very patient person, he answered all my questions and made this experience so smooth and easy for me. I was not sure what to expect but dealing with him made me feel so much better. He sure knows what he is doing and how to put people at ease for sure (should have done this long ago). I recommend him to anyone I am so glad I had him on my side and now to do my part. Thanks Jerry ur greatPattie
Patty Murphy
21:34 18 May 22
Rhoda Lewis helped me achieve a fresh start two and half years ago! She was very professional with a very warm, caring personality! I emailed her today with a question and she responded quickly. She's great at her chosen profession!!
Debbie Livingston
01:24 11 May 22
Nothing but good things to say about Jackie. She was so nice and so understand and everything was so quick and easy. In a matter of a week, there was the solution that I never thought was possible. Thank you so very much for everything that you have done. ❤️❤️❤️
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21:05 10 May 22
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Hubert Z
03:08 10 May 22
Jackie helped me out during a really tough time and she made the entire process very easy and painless. I highly recommend reaching out to her if you find yourself in any financial trouble. You won’t be disappointed!
prettylush 13
02:42 10 May 22