If you have questions regarding filing consumer proposals and bankruptcy in North York or Scarborough – contact the Licensed Debt Professionals™ at David Sklar & Associates. We have helped thousands of people erase their debt and rebuild their financial lives. Many of the people we helped were able to avoid bankruptcy, keep their assets, and pay off their unsecured debt.
As trustees in bankruptcy in North York / Scarborough and throughout the GTA – we offer a free initial consultation with our Licensed Debt Professionals™. During this consultation, we will review your financial condition and discuss all of your debt removal solutions – in a confidential, professional and supportive environment.
To book your free consultation at our North York / Scarborough office, or at any of our six Greater Toronto Area locations call 416-498-9200, or fill in our online Quick Assessment Form to get started right away.
In addition to our North York / Scarborough office at 245 Fairview Mall Drive, we have a second North York office at 1280 Finch Avenue West.
David Sklar & Associates Inc. – Head Office – Suite 720, 245 Fairview Mall Drive, North York, Ontario M2J 4T1
If bankruptcy is the best choice for your situation, we will tell you. However, before we recommend bankruptcy, we will work with you to find alternatives.
If your financial situation can be repaired without our services, we will review your options such as budgeting, debt consolidation, and non-profit debt management programs.
If your finances indicate that you are insolvent (cannot reasonably repay your debts) you might be able to avoid bankruptcy if you qualify for at consumer proposal or a division 1 proposal.
Consumer proposals and division 1 proposals are a part of the same federal legislation that controls bankruptcy.
Basically, they are legally binding agreements between you and your creditors, where the total amount of unsecured debt you owe is significantly reduced, interest is no longer charged, and all collection actions by your unsecured creditors is stopped. In exchange, you are able to keep your assets and repay the reduced amount of unsecured debt over a period not to exceed 5 years. Payments are usually setup as monthly and you will be required to attend credit counselling.
Division 1 proposals are for businesses that owe any unsecured debt and individuals that owe more than $250,000 in debt (not including their main residence’s mortgage). There are additional differences that your trustee will explain to you.
Debt consolidation is the process of combining two or more unsecured debts into one monthly payment. There are a few options for handling your debt consolidations. With a bank, a private lender, via a Debt Management Program or pursuing debt relief from a consumer proposal.
Careful consideration is required when considering getting a Debt Consolidation loan. Learn the facts about Debt Consolidation loans and what they don’t tell you. Debt consolidation is not always the solution.
The Office of the Superintendent of Bankruptcy is a branch of the federal government that licenses and monitors trustees in bankruptcy. Licensing requires years of study, testing and a tight certification process. This is done to ensure that trustees in bankruptcy are knowledgeable, experienced and operate following a stringent code of ethics. Only licensed trustees in bankruptcy are allowed to file bankruptcies and proposals.
To book your free consultation at the David Sklar & Associates, Licensed Insolvency Trustee, North York / Scarborough office or any of our 6 Greater Toronto Area offices call 416-498-9200.