The Truth About Payday Loans and High-Interest Loans
December 3, 2020
Don’t be fooled by the misleading promises made by high-interest loan lenders who promise a quick & easy debt solution. Set yourself up for financial success.
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Small Business
We understand how difficult it is to run and maintain a business in these unprecedented times.
For some individuals the economic downturn has left them considering bankruptcy which is always the last resort. Bankruptcy is not your only option, the Licensed Insolvency Trustee’s (LIT’s) at David Sklar & Associates can help you explore all of your options and help you make the right decision for your business.
Contact us for your FREE no obligation consultation
Based on 740 reviews
Patty Murphy
21:34 18 May 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
Debbie Livingston
01:24 11 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!!
Cassandra Keenan
21:05 10 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. ❤️❤️❤️
Hubert Z
03:08 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!!
prettylush 13
02:42 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!
Kipyego arap Serem
19:00 09 May 22
I had a good experience with Jackie. Making appointment to see her was easy and follow up was great. I appreciated the detailed information she gave and the clear explanation of the options I had. While I landed on this company without anyone's recommendation, I will be happy to recommend their services to those who need them.
Ankita Sisodia
18:51 09 May 22
Jackie has been really helpful with my issues. She is approachable and friendly and I recommend her to anyone trying to access her services.
Christina Ivany
15:52 07 May 22
The service that was provided to me from Trina at David Sklar and Associates was nothing but superb! I was referred to them through family, and Trina was nothing but understanding and so so so helpful! Every part of the process was smooth and efficient and she explained everything to me so I would be able to understand the process. Can’t believe the weight that has been lifted off my shoulders. Thank you so so much Trina!
Linda Bennett
15:29 06 May 22
I’m so glad that I spoke to Rhoda. I was nervous having to claim bankruptcy, but Rhoda is very resourceful and has a wonderful way of putting you at ease. I felt like I was speaking to my best friend. Rhoda from the bottom of my heart thank you for your help and kindness it goes along way. Linda Bennett
Emma Higgins
19:14 02 May 22
I was absolutely terrified of admitting I needed help and was in a tough position where my best option was to file for bankruptcy. As someone with severe anxiety it was one of the hardest calls I had to make but once I spoke with Trina at David Sklar she immediately made me feel at ease and like I was in good hands. I mostly dealt with Trina and Eva who were so kind and communicative throughout the whole process and made it as painless as possible.I did briefly speak with a couple of other associates from time to time and they were also equally as lovely. The reviews for this company obviously say a lot about these guys and it rings true. I’m not someone who usually writes lengthy reviews but I am happy to recommend David Sklar and associates for anything. Thank you guys for always treating your clients like human beings and always being available for questions or concerns.
Jan Toone
00:43 28 Apr 22
I’m finally debt free! I made the right decision by contacting David Sklar to help me with my debts. Grateful to his Associates, especially Cori Naron, she’s very approachable, knowledgeable and kind. She indeed helped me succeed (with her advices and experiences) to pay off my balance before my due date 😇. Her office at St. Clair Ave. West is very accessible as well. I can now focus with my other goals - for I am a mother of Four….
Keeping It Real With Sandy and Ang
17:15 21 Apr 22
I highly recommend this firm. Christine has been such a help and was very professional but kind I was treated with respect at a time when I was vulnerable and overwhelmed and Christine in a very short time made me feel at ease I didn't feel judged or looked down on. This was a hard decision for me to make but I am so glad I took the leap to move ahead with a plan that is showing light at the end of the tunnel.. Again I highly recommend this firm as well as Christine.
Keeping It Real With Sandy and Ang
12:57 21 Apr 22
I highly recommend this firm. Christine has been such a help and was very professional but kind I was treated with respect at a time when I was vulnerable and overwhelmed and Christine in a very short time made me feel at ease I didn't feel judged or looked down on. This was a hard decision for me to make but I am so glad I took the leap to move ahead with a olan that is showing light at the end of the tunnel.. Again I highly recommend this firm as well as Christine.
Brandon Podilczyk
20:25 19 Apr 22
It's been good talking an working with gurvinder he helped me out a lot with my issue I was having an want to say thanks
Alex Vrzovski
16:14 11 Apr 22
David Sklar & Associates really helped me. Specially Jackie Stanley, and the whole team. It was a difficult decision to make, but I was so glad I made it. It was like a huge weight off my shoulders and felt like never ending payments to creditors that needed to stop. With the Team at David Sklar it helped me reset my life again and giving myself a chance at it. Thank you so much for all your help I really appreciate it.
Ricky Oliveira
16:04 11 Apr 22
I definitely recommend going to see Jackie Stanleyto anyone who needs help with their financial stability. Not only was she very knowledgeable in the field, but she was super supportive and always keep your interests as their number one priority. Thanks for all your help!!!
What is a Division 1 Proposal?
A Division I Proposal enables a person or business to avoid bankruptcy and be released from their unsecured debts after they have repaid a portion of those debts and honoured all the terms of their proposal.
WHAT IS THE PROCESS?
The Division I Proposal process varies from case to case. For most businesses and some individuals, it can include:
- Extensive audits and cash flow analysis
- Tax liability assessment
- Business operation assessments – including employee and client retention
After you have met with a trustee and all relevant debt, liability, asset, and income information has been reviewed in detail the trustee will go over all the options available for debt relief. If both the individual and the trustee agree that a Division I Proposal is the best choice, they will then prepare a proposal together.
The proposal will set out the portion of debt your are able to repay over a given period of time and other terms that will be followed in exchange for being released from the debts included in the proposal.
The trustee then files and submits the proposal to your creditors. Note not all debts can be included in a proposal.
Once the proposal is filed the creditors must:
- Stop all collection efforts
- Stop all legal actions
- Stop charging interest
The creditors vote on whether to accept or reject the proposal. For a Division I Proposal to be accepted – more than 50% of the creditors who hold more than 66.6% of the debt must accept the proposal. The Court must also approve of the proposal before it can be put into effect.
Speak to a Licensed Insolvency Trustee
If your business is facing crippling debt and repayment issues and you are considering filing for bankruptcy, we recommend you visit one of our 7 offices in Ontario to discuss your situation and explore possible solutions with one of our experienced and certified professionals.
WHO CAN FILE?
The Bankruptcy and Insolvency Act offers a Division I Proposal as a possible debt relief option to individuals who meet one of the two following conditions:
- An individual who owes more than $250,000 in debt (excluding the mortgage on their prime residence)
- A business (sole-proprietorship, partnership, or corporation) that owes any amount of unsecured debt.
In Ontario, only bankruptcy trustees can file and administer Division I Proposals.
Speak to a Licensed Insolvency Trustee
If your business is facing crippling debt and repayment issues and you are considering filing for bankruptcy, we recommend you visit one of our 7 offices in Ontario to discuss your situation and explore possible solutions with one of our experienced and certified professionals.
The Financial Help That Businesses Can Use Right Now
May 25, 2020
COVID-19 has sent a massive shockwave through the Canadian economy. Businesses, both large and small, are trying to make it through this unprecedented situation, but the financial blowback is going to be hard to weather on their own. If you’re a business owner, you should read this guide on the financial solutions that are available to you right now.
Mark: Division 1 Proposal for a Small Business
April 28, 2014
Mark (not his real name) was a successful IT executive who had not dealt well with ‘accounting stuff’. As a result he was in trouble with Revenue Canada and several banks.
James: Consumer Proposal & Keeping his Family Business
April 28, 2014
James (not his real name) was getting his business back into good shape – personal debt was threatening to destroy his third generation company.