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 750 reviews
(From K.M)After a great deal of thought, that actually went on far too long and only created more hardship, I finally called David Sklar and Associates. They immediately set up a mutual time for an in person appointment. I had the greatest fortune to meet with Jerry Janiec!From the moment I met Jerry, I felt at ease and the weight I had been bearing began to lift.Jerry is very personable with a happy, kind, patient and gentle nature. He is very knowledgeable and extremely thorough in all of the information and options that were presented. Jerry was very supportive in the option I chose.I read other reviews on David Sklar and Associates and I whole heartedly agree. If you are struggling and it seems never ending, make the call to these people. I should have much, much sooner.Thank you so very much Jerry Janiec. You truly are a blessing.Sincerely, Karen M.
16:08 08/08/22
Great job. Bibi , marvel and many associated help us to serve the problem . Appreciate to your team David sklar .
15:26 08/05/22
Cori was kind and helpful, anyone interested in learning more about debt options would be fortunate to hear her insights and experience on the subject
13:55 07/26/22
Cori has been a great help in relieving stress caused by debt in my life, she has excellent knowledge in her line of work. Cori has a lot of patience and takes her time with her clients to make sure they understand. It has been a great pleasure working with Cori.
18:15 07/20/22
The service excellence I received was amazing. The staff at friendly and considerate and show empathy when dealing with such a difficult choice.
19:52 07/19/22
Caner uzun.. this place is full of professional lawyers all my debt problems are gone all I had to do is make an appointment go see them boom its that easy thank you all for your help
17:19 07/18/22
My mother introduced me to the company and I signed up and I spoke to Christine Sylver ... Let me tell you .... Christine Sylver is the best licensed debt counselor ever. She helped me from when we starting talking up until now and she's a great individual. I would recommend her and this company to anybody. I can't wait to have me debt cleared and start my life again.
20:21 07/06/22
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!
20:18 06/16/22
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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.