Personal Bankruptcy

Everything you need to know about declaring personal bankruptcy in Ontario, Canada.
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Bankruptcy isn't the only option for you.

Most people who come to us do not want to declare personal bankruptcy and are relieved to learn that it’s not the only option.  For most people, filing a Consumer Proposal is the #1 alternative to personal bankruptcy.

One of our Licensed Insolvency Trustees (LITs) can help you understand all of the debt-relief options available to you. After you speak to a LIT, If you decide that filing for bankruptcy is the best decision for your situation, it’s not the end of the world! We will hold your hand before, during, and after the process is complete.

What is personal bankruptcy?

Filing personal bankruptcy is often considered a last resort for people who are unable to pay back their debts.

With the help of a Licensed Insolvency Trustee (LIT), declaring personal bankruptcy legally “discharges” your debts. The phone calls from creditors stop and whatever debts are included in your bankruptcy are erased. 

Personal bankruptcy should never be entered into lightly and should only be considered after consulting with a Licensed Insolvency Trustee.

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Personal Bankruptcy
is not your only
debt relief option!

What to expect if you file for bankruptcy

If personal bankruptcy is the option you choose, we will work with you every step of the way. Our Licensed Insolvency Trustee’s will file all the necessary documents with the Office of the Superintend of Bankruptcy Canada and you will be formally declared bankrupt.

From that point on, we will deal directly with your creditors on your behalf.

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What debts can be eliminated by declaring personal bankruptcy?

Declaring personal bankruptcy eliminates most—if not all—of your unsecured debts. This includes credit cards, lines of credit, student loans (if you’ve been out of school for more than 7 years), personal loans, payday loans, and income tax debt.

Some debts cannot be eliminated by declaring personal bankruptcy, including child support, alimony, court-imposed fines, and fraudulent debt.

What Can I Keep If I File For Personal Bankruptcy?

Everyone’s situation is different, depending on your financial situation, some assets may be exempt, including:

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Home Equity

Exempt if you have less than $10,783 of equity in your home

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One motor vehicle up to a certain limit: $7,117 in equity

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Household Items

Household items, furniture, clothing, equipment up to $14,180 in value

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With the exception for contributions made in the last 12 months

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Most pensions and life insurance policies

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Tools used to earn your living up to $14,405 in value

Getting into debt is easy. Getting out is a different story.

But it's still possible!

Did you know there is a Debt Program federally regulated by the Canadian Government, designed to help citizens avoid claiming bankruptcy? This amazing program can only be administered by a Licensed Insolvency Trustee (LIT).

If you’re struggling to make your payments every month and creditors won’t stop calling, we can help.

What our clients are saying.

Based on 762 reviews
I am so grateful to Jackie Stanley with David Sklar & Associates.She has listened and worked with me to come to a reasonable solution.Jackie has provided so much information, walking me through everything. I couldn’t ask for a more patient, kind and understanding person to help me.I look forward to working with her through my time with David Sklar & Associates.
16:26 09/26/22
I had a great experience. Christine and David made me feel well taken care of and at ease with the whole process!
17:03 09/23/22
Jackie Stanley is an extremely personable, friendly and professional representative with David Sklar & Associates. Her customer service skills are exemplary and her knowledge with regards to my situation and helping me with getting my life back on track was just amazing. She was very understanding of my issues, and took her time to make sure that I understood everything. At the end of my meeting with her I left feeling emotional but relieved to know now that my life can finally move forward. Jackie, you have been a great asset in my life and I will never forget your kindness. Mr. Sklar I would just like to say that you have a 5 Star representative in your associate Jackie Stanley.Respectfully, Bob
12:29 09/23/22
I was in so much stress and in a lot of debt Jackie Stanley was extremely and professional help to get out of my debt I recommend in reaching out to her you won't regretted. Thank you to Jackie and to the whole team David Sklar & Associates Inc.
02:22 09/23/22
Jackie, has been amazing in this very life altering time, she’s been prompt and exceptional at bringing understanding of the process, it’s been a great transition the whole crew is to thank.
00:59 09/23/22
It's my first experience with David sklar and I my say a big thanks to u guys for ur good work and I recommend David sklar to everyone and I can't forget a big thanks to Jackie Stanley am so happy
00:24 09/23/22
Christine was a great help, very personable and knowledgeable. She listens to you and puts you at ease with your situation. Very much appreciated assistance.
20:36 09/12/22
I had the opportunity to become a client of David Sklar & Associates. Christine Sylver had assisted in helping me understand and get through the process quick and efficiently. She was very sweet and very accommodating! She made me feel very comfortable to ask any questions and went above and beyond. I would 100% recommend this wonderful team.
22:19 09/09/22
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We are David Sklar

Our 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. 

We know this is stressful, but you're not alone.

It’s going to be okay.
Book your free consultation today. We’ll do the rest.