David Sklar & Associates Inc.

Consumer Proposal & Bankruptcy Trustees
Serving the Greater Toronto Area

Bankruptcy in Toronto – Blog

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.

Bankruptcy in Toronto – Not an Easy Fix

While Bankruptcy is not the first choice for most people, for some it is the only chance they will have to get a fresh financial start. Bankruptcy in Toronto – Not an Easy Fix

Filing Bankruptcy in Toronto – Facing Your Fears

The fear of filing Bankruptcy in Toronto is like many of life’s challenges – overcoming it can lead to a better future. Filing Bankruptcy in Toronto – Facing Your Fears

Duties of a Bankrupt

What is it like to be bankrupt? Find out about some of the Duties of a Bankrupt.

Case History – Barry

Bankruptcy in Mississauga - Finding Hope

While overwhelming debt is a challenge for most people – for some it can be even more difficult. Find out how a young man and his family earned a ‘fresh start’ in Mississauga..... Bankruptcy in Mississauga - Finding Hope

Vehicles in Bankruptcy in Ontario

Explore some of the concepts regarding vehicles in bankruptcy in Ontario at: Vehicles in Bankruptcy in Ontario

Bankruptcy and Student Loans

Find out about the two conditions (Seven-Year Rule and the Hardship Provision) under which Student Loans might be discharged in a Bankruptcy at: Bankruptcy and Student Loans

Ontario Bankruptcy -Tools of Trade – FAQ

In Ontario, bankrupts are allowed to keep certain Tools of Trade that are exempt from bankruptcy settlements – up to a value of $11,300. Explore FAQs and general information regarding this important aspect of Bankruptcy in Ontario at: Ontario Bankruptcy -Tools of Trade – FAQ

Bankruptcy – No One Wants To Go There

No one starts out wanting to go into Bankruptcy. Here is some sound advice on how avoid that unpleasant trip into Bankruptcy: Bankruptcy – No One Wants To Go There

Bankruptcy in the Greater Toronto Area – You Are Not Alone

If you or someone you know is considering Bankruptcy, there is some comfort in knowing you are not alone. Check out: Bankruptcy in the Greater Toronto Area – You Are Not Alone

Living in Bankruptcy

Bankruptcy is the last thing a Trustee will recommend as a solution to overwhelming debt – but sometimes it is the only realistic way people can find their way back to a sound financial footing. Find out more about Living in Bankruptcy...

Surplus Income in the Bankruptcy Process

What is Surplus Income and How is it Determined?

Income levels of potential bankruptcy applicants are evaluated based on guidelines set out by the Superintendent of Bankruptcy. If a person is found to earn over those set levels:

• the length of time they are in bankruptcy can be increased from 9 to 21 months for first time bankrupts, and
• they may be required to pay money into their Bankruptcy Estate for distribution to their creditors. Read more about Surplus Income...