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Toronto – Midtown West

Consumer Proposal and Bankruptcy in Toronto – Midtown West

If you are dealing with overwhelming debt and are thinking about filing for bankruptcy in Toronto,
we can help.  Our Licensed Debt Professionals™ have helped thousands of people in the Greater Toronto Area get out of debt and get on with their lives.

To find out if bankruptcy is the right answer for you, you need to discuss your financial situation with a licensed trustee in bankruptcy. At David Sklar & Associates, Trustee in Bankruptcy serving the Greater Toronto Area, we offer a free, professional initial consultation, where we will review your finances and discuss all of your options.

To book your free consultation at our Toronto, or any of our 6 GTA offices – call 416-498-9200 – or complete our easy, online Quick Assessment Form.


Toronto – Midtown West Office Location:
(St. Clair & Bathurst – nearest main intersection)
Unit 2, 550 St. Clair Avenue West
Toronto, Ontario
M6C 1A5<

Phone: 416-498-9200

Access by:

  • Subway (St Clair West Station 2 blocks away)
  • Bus & Street Car
  • Paid Parking – 550 St Clair Avenue West


Greater Toronto Area Offices – Location Details:
Toronto | Mississauga – Etobicoke | North York – Scarborough | North York West | Pickering – Ajax | Brampton

Free Consultation

During your free consultation, our professionals will work with you to find the best way for you to get out of debt.

Bankruptcy is always the last solution – and before we recommend it, we will explore all of your options with you.

If, after reviewing your finances we determine that you are solvent (able to repay your unsecured debt in a reasonable time) – we will explore your debt relief options with you. From debt consolidation, to non-profit debt management plans, and successful budgeting – we will help you find your way out of debt.

If a review of your finances shows that you are insolvent (unable to repay your unsecured debt in a reasonable time frame), then you might be eligible for the government-regulated alternatives to bankruptcy.

If bankruptcy is the best solution to your financial situation, we will work with you to successfully complete your bankruptcy, and to build a better financial future.

Consumer Proposals & Division 1 Proposals – Alternatives to Bankruptcy Toronto

For insolvents, there are two main alternatives to bankruptcy in Toronto – the consumer proposal and the division 1 proposal. Both of these processes are regulated by the same laws as bankruptcy.

A consumer proposal, like bankruptcy, provides protection from your unsecured creditors and is a government regulated method of getting out of debt. With a consumer proposal:

  • Your assets are protected from you unsecured creditors,
  • Interest charges on unsecured debt stops,
  • All unsecured collection actions (including calls, letters, garnishees, and legal action) stop,
  • The total amount of the unsecured debt is reduced to a manageable level,
  • Payments (usually monthly) are made on the reduced unsecured debts for a period of up to 5 years, and you will attend credit counselling sessions that provide you with the tools for a more secure financial future.

A division 1 proposal is similar to a consumer proposal, but it is for businesses who owe any amount of unsecured debt or for individuals who owe more than $250,000 (excluding the mortgage on their main residence) in debt.

Both consumer proposals and division 1 proposals require your creditors to vote on whether to accept your proposal or not.

Debt Consolidation in Toronto – Midtown West

Debt consolidation is the practice of combining two or more unsecured debts into one payment. A few options are available with debt consolidation. You can choose to go with a bank, a private lender, a Debt Management Program or pursue debt relief with a consumer proposal.

You should be Cautious when considering Debt Consolidation loans. Learn the facts about Debt Consolidation loans and what they don’t tell you. Debt consolidation is not always the answer.

Bankruptcy Professionals

By law, only licensed trustees in bankruptcy can file bankruptcies or proposals. Trustees in bankruptcy are licensed and regulated by the Canadian government – through the Office of the Superintendent of Bankruptcy, and have undergone extensive testing, training and certification.

The Toronto bankruptcy trustees at David Sklar and Associates welcome your inquires. To book a free consultation, call 416-498-9200.