David Sklar & Associates Inc.

Consumer Proposal & Bankruptcy Trustees
Serving the Greater Toronto Area

Filing Bankruptcy in Toronto – Facing Your Fears

Bankruptcy in Toronto is like bankruptcy in any Canadian city. It is the last choice for unfortunate people who are overcome by their debts. It can also be one of the most crippling fears to face.

For many, filing bankruptcy is something they thought they would never end up doing. Yet, through circumstance, poor money management, or just plain bad luck – they find themselves making one of the most difficult decisions of their lives.

Often, the fear of bankruptcy, leads people to put up with crushing debt long past the point of normal endurance. With near-constant collection calls, threatened and actual legal action, and an overpowering sense of lost control – many people spend years in a state of extreme financial stress.

As with so many fears, the reality of bankruptcy in Toronto is often not as bad as imagined.

In Canada, the Bankruptcy and Insolvency Act (BIA) – sets many of the rules and regulations covering bankruptcies. Included in these rules is the fact that only Bankruptcy Trustees, licensed by the Office of the Superintendent of Bankruptcy may file bankruptcies. In fact, Bankruptcy Trustees are licensed by the federal government to protect your rights in a Bankruptcy.

To ensure that everyone who needs the services of a licensed trustee is able to discuss their financial situation, the first meeting with a Bankruptcy Trustee is free in the Greater Toronto Area, and in all of Canada.

At that first meeting, people are able to review their financial situation in detail and find out all the options that are available to them. Some people discover that they qualify for a consumer proposal (a part of the BIA) and are able to avoid bankruptcy. Others find out that they are not in as bad a shape that they feared and are able to set up other options for repaying their creditors. For some however, bankruptcy is their best choice.

For those who do decide to go ahead with bankruptcy – most feel a sense of relief. Finally, they are taking action to bring about a brighter financial future, one without crushing debt.

If you, or someone you know, is considering bankruptcy in the Toronto Area, contact the Licensed Debt Professionals™ at David Sklar & Associates and book your free initial consultation. Call 416-498-9200.