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LIVING DEBT FREE IN TORONTO
LIVING DEBT FREE IN TORONTO
AT DAVID SKLAR & ASSOCIATES WE HAVE HELPED THOUSANDS OF PEOPLE IN THE TORONTO AREA GET OUT OF DEBT AND GET ON WITH THEIR LIVES. BUT WE HAVE NEVER FORGOTTEN THAT THE MOST IMPORTANT CLIENT IS THE CLIENT WE ARE HELPING RIGHT NOW.
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Our website is full of explanations and details about consumer proposals, division I proposals and bankruptcy-but we have found one of the best ways to show our website visitors what all this information means is to present case histories of real people.
Of course, we have changed the names, locations and other minor factors in our case histories to protect our clients’ identity and privacy-but the cases still show what it is like before, during and after filing a bankruptcy or a proposal.
Every client is unique and every case history is unique, however, they share messages of hope and financial relief that often resonates with our readers and their own experiences.
Many of our clients have dealt with years of financial stress-from collection calls, too garnishees, to legal action, to the unrelenting fear of never being able to pay all their bills. We are understandably proud of our part in helping our clients to put this stress behind them and to move forward towards a more financially stable future.
If you live in the Toronto area and are unable to deal with your overwhelming debt load-you are welcome to call us to book a FREE consultation, during which our caring, licensed professionals will review your finances in detail and discuss all of your options for getting out of debt and getting on with your life.
CONSUMER PROPOSAL CASES
Division I Proposal Cases are included in the Consumer Proposal Cases. Cases include single moms, seniors, families, new Canadians, entrepreneurs and many other people in all walks of life.
BANKRUPTCY CASES
Our Bankruptcy Cases reflect the fact that bankruptcy can happen to all types of people and that often one of the hardest parts is picking up the phone to get help.
The main goal of this blog is to help our website visitors better understand Bankruptcy. Through example and explanation we will try to take the mystery out of one of life’s most challenging lessons.
Since 1997 David Sklar & Associates has been successfully helping people in the Greater Toronto Area deal with Bankruptcy. Our extensive experience has given us a unique perspective and understanding-which we will be sharing with our readers in this blog.
Bankruptcy in Toronto is governed by two main pieces of legislation; the Bankruptcy and Insolvency Act (governs Bankruptcy and insolvency in all of Canada) and the Ontario Execution Act. (sets out which assets are exempt from a Bankruptcy settlement in Ontario). By law, Bankruptcies can only be filed in Canada by a Licensed Bankruptcy Trustee.
Important Note: Bankruptcy is the very last resort of debt removal-it is only to be taken when all other options have been explored with a Licensed Bankruptcy Trustee. At David Sklar & Associates, this initial consultation is free.
Bankruptcy is not an easy out, but as with most of life’s difficult challenges-it can be a process of learning, growth and positive renewal.
The goal of this article-is to share debt management, budgeting, expense cutting and all-round useful information with people who are learning to live on a budget. Designed for everyone in the Greater Toronto Area who wants to see more of their pay cheque at the end of the month-this blog is here to help you get started on your debt free life.
Much of the information contained here was learned from our Consumer Proposal & Bankruptcy clients, many of whom found themselves facing the need to live on a budget for the first time in their lives. As well, our staff contributes greatly with their excellent ideas and feedback. We look forward to hearing from you, our readers-your suggestions, hints and ideas will go a long way to sharing the message of
At the base of living debt free is knowing exactly where you are financially, and in order to do that-you need to be on a budget that will work for you.
As one of the leading Bankruptcy Trustees in the Greater Toronto Area, we have helped thousands of people through the Consumer Proposal process and on to better lives.
What is a Proposal?
It is a legal process provided by the Bankruptcy and Insolvency Act that enables qualified individuals who are unable to reasonably repay their unsecured debts, make legally binding proposals to their creditors. These proposals are agreements to repay a portion of the unsecured debts through the services of a Licensed Bankruptcy Trustee*. While the amount of debt being repaid is usually substantially less than the actual amount owed, it is normally more than the creditors would get if the debtor went into Bankruptcy.
How does a Division I Proposal differ from a Consumer Proposal?
The Consumer Proposal is for individuals with total debt of under $250,000 (excluding their primary residence mortgage), while the Division I Proposal is for individuals with total debt over $250,000 (excluding their primary residence mortgage) and for businesses.
Under either Proposal, creditor-approved applicants can avoid Bankruptcy and keep their assets (note: secure loans on assets must be paid in order to retain those assets).
Once a Proposal is in place, all unsecured debt collection efforts, including calls, letters, wage garnishments, and legal actions must, by law-stop.
During the life of the Proposal, the debtors have legal binding obligations that they must honour-including systematic debt repayment, budgeting, and most importantly debt management training.
*Note: Under the Bankruptcy and Insolvency Act only Licensed Bankruptcy Trustees can submit and manage Proposals. Before any decision about making a Consumer Proposal or a Division I Proposal can be made-a Licensed Bankruptcy Trustee must evaluate an individual’s current situation.
