How to Claim Bankruptcy – Toronto

How To Claim Bankruptcy – Toronto

In Toronto and all of Ontario for that matter, only Licensed Bankruptcy Trustees can file bankruptcies.

A person who wishes to claim bankruptcy (a debtor), must work with a Bankruptcy Trustee.

Note: Often, it is possible to get out of serious debt without declaring bankruptcy. Only by discussing your situation with a bankruptcy Trustee, will you know for sure.

The following is a brief, general description of the normal bankruptcy process at David Sklar & Associates, Inc. For a more detailed description visit Filing for Personal Bankruptcy.

  1. The debtor calls David Sklar & Associates to set up a free appointment. During this call, the debtor will be advised of all the documentation they should bring to the meeting.
  2. The debtor meets with an Estate Administrator who reviews their financial situation in detail, and explains all of their debt repayment options. At the end of the meeting, the Trustee should be able to advise if a bankruptcy is the best course of action – or if additional information is needed.
  3. Both the debtor and the Trustee must agree that filing for bankruptcy is the debtor’s best choice and the debtor will have the duties of a bankrupt explained in detail.
  4. The Trustee will help the debtor fill in the required forms.
  5. The Trustee then files the forms with the Office of the Superintendent of Bankruptcy (OSB).
  6. Once the OSB assigns an Estate Number, the debtor is officially in bankruptcy and is now a bankrupt.

The Trustee will handle the notification of unsecured creditors and the sale/disbursement of non-exempt assets to creditors. As well, the Trustee looks after a number of issues including possible creditor meetings, hearings, reports to the court, and management of the bankruptcy.

Once the unsecured creditors have been notified of a bankruptcy, they must stop all collection calls, stop all legal actions, stop interest charges, and remove any garnishees.

Normally, for a first-time bankrupt, with no surplus income, the bankruptcy period will last 9 months. During those 9 months, the bankrupt will have to hand in monthly budgets to the Trustee, attend credit counselling sessions, honour all the terms of their bankruptcy, and pay a set amount of monthly Trustee fees.

 

 

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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Ready to live debt free?

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. ❤️❤️❤️
Cassandra Keenan
21:05 10 May 22
I was in a lot of debt and stress, Jackie Stanley with David Sklar & Associates was very professional, and extremely helpful with getting out of debt. I should of did this sooner, they take the all the weight and stress of a persons shoulders, amazing team at David Sklar & Associates!!
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
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