Debt Relief Options in Ontario
We can help you find the right debt solution
Understanding Your 5 Debt Relief Options
At David Sklar & Associates we’re committed to helping you out of debt and always have your best interests at heart. A Licensed Insolvency Trustee can review your situation and explain which options may be available
Why Licensed Insolvency Trustees?
Licensed Insolvency Trustees (LITs) are federally regulated by the (OSB) and must adhere to federal standards of practice, including the Code of Ethics for Trustees. It’s free to meet with us and learn about your debt relief options. At David Sklar & Associates, we’ll guide you through the process, handle the paperwork, and give you the tools to rebuild your financial future.
5 Debt Relief Options in Ontario Compared
A consumer proposal is a federally regulated program. that lets you consolidate your debts into one affordable payment. With the help of a Licensed Insolvency Trustee, you can keep your assets, stop interest, and put an end to collection calls, all while paying only what you can reasonably afford.
Personal bankruptcy is a federally regulated process you should consider only after speaking with a Licensed Insolvency Trustee. Personal bankruptcy is a legal way to clear your debts when you can’t repay what you owe, giving you protection from creditors and a chance to start fresh.
A debt consolidation loan combines multiple debts into one payment, usually through a bank or credit union. It can help lower interest costs, but not everyone qualifies. For those with low credit scores, high-interest loans from third-party lenders can make debt harder to manage in the long run.
A debt management plan is an informal agreement to lower interest rates and make payments more manageable. You must repay the full amount you owe, and it doesn’t cover student loans or government debt. Since it isn’t legally binding, some creditors may not participate.
Credit counselling provides guidance, and strategies to help you take control. In a supportive setting, we’ll review your situation, explore your debt relief options, and show you how to budget, save, and manage credit more effectively. With the right tools, you can work toward lasting financial stability.
Debts that we can help you with
Whatever your situation, we’re committed to helping you get out of debt with your best interest in mind.
Here when you’re ready
Since 1998, we’ve helped thousands of people find debt relief in Canada. We can help you, too.
We will meet with you to discuss your debt-relief options, help you choose the right one, and then work with you to get you on the path to building wealth.
Frequently Asked Questions About
Debt Relief in Ontario
What is debt relief in Ontario?
Debt relief in Ontario refers to legal programs and strategies that help residents eliminate or reduce unsecured debt. The 5 main options are: consumer proposal, personal bankruptcy, debt consolidation loan, debt management plan, and credit counselling.
Which debt relief option is best for me?
The best option depends on income, total debt, assets, and credit history. Consumer proposals fit those with stable income who want to keep assets. Bankruptcy fits those with limited income and no assets. Consolidation fits those with good credit.
Is debt relief in Ontario government regulated?
Consumer proposals and bankruptcies are federally regulated under the Bankruptcy and Insolvency Act and administered only by Licensed Insolvency Trustees. Other options (consolidation, DMP, credit counselling) are not legally regulated debt relief.
How much debt do I need to qualify for debt relief?
For consumer proposals: $1,000 to $250,000 unsecured. For bankruptcy: $1,000 minimum, no maximum. For consolidation loans: lender-dependent. There’s no minimum for credit counselling.
Does debt relief affect my credit score?
All formal debt relief options affect credit. Consumer proposals (R7 rating) stay on credit reports for 3 years after completion or 6 years from filing. Bankruptcy (R9 rating) stays 6-7 years after discharge. Consolidation loans have minimal long-term impact if paid on time.
Is the first debt relief consultation really free?
Yes. David Sklar & Associates offers free, no-obligation consultations with Licensed Insolvency Trustees. There are no upfront fees, no hidden charges. The consultation typically takes 60-90 minutes.
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Our federally 🇨🇦 regulated team of Licensed Insolvency Trustees in Ontario can help you get out of debt and in control of your own financial future.
We’ve helped thousands of people and we can help you too.
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