Dealing with debt in Canada

Table of Contents

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. 

Share This!

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
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