Free Consultation with a Bankruptcy Trustee in Toronto As part of your free consultation with a bankruptcy trustee in Toronto, we review your finances, income, expenses, and debts. This will show us several things, such as whether or not you’re insolvent and qualify for a consumer proposal in Toronto or bankruptcy. You may have more options available to you than you think. Many of our clients come in expecting to go through the bankruptcy process, when in fact they may be able to repair their finances through a debt management program, debt consolidation, budgeting, or a consumer proposal in Toronto. Bankruptcy vs. Consumer Proposals in Toronto Bankruptcy is the most well-known option for insolvents, but the same law that governs bankruptcy in Canada also makes two other options available: consumer proposals and Division 1 Proposals. When you declare bankruptcy you must give up your assets to pay for unsecured debts. Though there are exemptions, it can be a major blow to your financial situation. Bankruptcy trustees in Toronto encourage insolvents who qualify to get a consumer proposal if they are able. One of the major differences between consumer proposals and bankruptcies is that you get to keep your assets in a consumer proposal in Toronto. If you file for a consumer proposal in Toronto, your creditors will take a vote. If the majority accepts your offer, all of your unsecured creditors will enter into a legally binding agreement in which you pay a reduced amount back over a period that could last up to 5 years. If you make all of your payments, you’re released from all the unsecured debt in your consumer proposal. A consumer proposal in Toronto means you can avoid bankruptcy, discontinue interest charges, and put a stop to collection efforts and legal actions against you. A Division 1 Proposal offers relief for businesses and individuals with over $250,000 in debt, excluding their mortgage. Options for Debt Consolidation in Toronto Debt consolidation in Toronto can refer to several options available to you for getting out of debt. One option is a debt consolidation loan from a bank or a private lender. Be wary of debt consolidation loans with high interest, as they could get you deeper into debt. A debt management program can help you eliminate your credit card debt and other types of unsecured debt through monthly payments. Finally, if you’re insolvent, a consumer proposal in Toronto is straightforward way to find debt relief. Why Contact a Trustee in Bankruptcy? Only a trustee in bankruptcy can file bankruptcies or consumer proposals. If you need a consumer proposal in Toronto or you need to file bankruptcy, start with a free consultation at David Sklar & Associates. Call us at 416-667-1507 and the process of getting out of debt. In addition to our Toronto – West office, we have five other locations throughout the Greater Toronto Area.