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?

I cannot emphasize enough how thankful I am for Jackie Stanley's help with filing for bankruptcy.All of us dread being put in this position and we have a million questions about the process but trust me Jackie makes it so easy for you that you don't have to do anything yourself!She is very kind and friendly and puts you at ease right away. She emphasizes with you and let's you know it's not your fault.Most importantly when you leave that first meeting you will not believe the load that is taken off your shoulders. You can actually feel it!You are a godsend Jackie and I can't thank you enough!!I hope you are highly valued there as much as you are by me!
Sue Murray
18:45 05 Dec 21
Putting together and executing a Consumer Proposal can be daunting, that is unless you work with Cori Naron at David Sklar & Associates Inc. Cori's advice and support has been instrumental over the past five years. Thank you Cori!!
Barry Kuntz
20:37 01 Dec 21
I’m very happy with the services I received for Jackie Stanley who helped me get my finances in order. It was a quick and easy process & all of my questions were answered.
Amanda Frappier
01:18 19 Nov 21
I have had the privilege of being supported by Jackie at David Sklar Associate. She was very helpful, very professional and very friendly. She gave me the help I need. Thank you Jackie for your help.
Alex Taylor
22:03 17 Nov 21
Got my probe solved, great service
arny raposo
17:02 11 Nov 21
Jackie at Daivid Sklar and Associates is such a pleasure to work with. She explained everything in great detail and is always there when I have a question or concern. She really cares about her clients.
Steve Medica
09:33 10 Nov 21
I filed a proposal with another group, which came in as a referral from one of my brokers. My experience went from ok to bad to worse, due to lack of communication and education on the process I was to embark on. I worked with Cori Naron in the past, and I came to her now for help on literally doing the work that the other group should have done. Cori stepped in, educated me, advised on rights, responsibilities, how the process works and what potential outcomes may happen. I do not have enough words of recognition and gratitude for what she did - she alleviated stress, anxiety, dead-end thoughts and she made me live again. Congrats to DSklar for hiring her and retaining such talent.
Giani Kokolakis
18:45 25 Oct 21
Very professional service. Before contacting David Sklar & Associates i contacted bunch of other firms they seemed fishy. After I spoke with Jason Sklar at Hamilton Office I discovered professionalism with hope. I was explained every step of my situation with solution professionally. Thank you David Sklar & Associates.
Wajay Awan
07:29 12 Oct 21
I met David a few months ago and i am glad I did. He has helped me all the way through my bankruptcy with good advice and explained every step of the process. David is a very down to earth and very professional. Anytime I've had a question I was able to reach out to David by phone or email and he always got back to me. If your struggling with your bills and need a way to get help, I strongly recommend David Sklar &Associates to help you. My experience with them on 1-5scale would be a 5;; My life is so much better now, thanks to David Sklar.
Bruce Locke
16:13 08 Oct 21
I have had the privilege of being supported by Jackie S, at David Sklar n Associate.She was helpful, professional and friendly. I was able to get the help I needed at a difficult time in my life. I would recommend anyone who needs support with working out their debts to ask for Jackie, she will be waiting to assist however she can to help you through your debts. She works with a team who is always ready and responsive.Thank you Jackie and your team:)
Denise Simpson
15:17 09 Sep 21
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