If you’ve ever co-signed a loan for a family member or friend, you might think you’re just helping them get approved — but what happens if they stop paying or file for bankruptcy?

In this episode of Debt Free Life, Licensed Insolvency Trustee Richard Sklar from David Sklar & Associates explains the financial, legal, and credit risks that come with co-signing a loan in Canada. You’ll learn what happens to co-signers when the borrower declares bankruptcy or files a consumer proposal, why you’re still legally responsible for the debt, and what steps you can take to protect yourself before agreeing to co-sign.

Richard also shares practical advice on what to do if you’re already facing co-signing debt problems — including when to seek help from a Licensed Insolvency Trustee.

👉 Read the full article for more details:
 What Happens to Co-Signers With a Bankruptcy?

🎙️ Debt Free Life is brought to you by David Sklar & Associates, helping Canadians find relief from debt and take back control of their finances. Visit www.davidsklar.com
to book your free consultation today.

No one likes thinking about death — but if you have debt, it’s important to know what happens to it when you’re gone. In this episode of Debt Free Life, Licensed Insolvency Trustee Richard Sklar breaks down how debt is handled after death in Canada, who is responsible for paying it, and how to protect your loved ones from financial stress during an already difficult time. Whether it’s credit cards, mortgages, or co-signed loans, we’ll help you understand what your family can expect — and what steps you can take today to minimize the burden tomorrow.

Need help with your debt?
Book a free, confidential consultation with a Licensed Insolvency Trustee at David Sklar & Associates.
Visit davidsklar.com, call us at (416) 498-9200, or email [email protected].

Read the full blog article:
https://davidsklar.com/blog/death-and-debt-ontario/

Is bankruptcy really the end of the road—or could it be a fresh start?

In this episode of Debt Free Life, we’re cutting through the fear, judgment, and misinformation to expose the truth about bankruptcy in Canada. From the myth that you’ll lose everything, to the fear that your credit will never recover, Licensed Insolvency Trustee firm David Sklar & Associates is here to set the record straight.

If you’ve been losing sleep over your debt, or feel stuck because of horror stories you’ve heard from others, this episode is for you. We’ll walk you through 10 of the most common bankruptcy myths—and explain what really happens when you file.

You’ll learn:

• What assets you can keep during bankruptcy
• How bankruptcy actually impacts your credit score
• Why your spouse’s credit won’t be affected
• What debts bankruptcy does and doesn’t cover
• And more!

This is a judgment-free zone. It’s time to stop suffering in silence and start learning about the real solutions that are available to you.

🎧 Tune in, take a breath, and take the first step toward a debt-free life.

🔗 Read the full article here: Common Misconceptions About Filing for Bankruptcy

👉 Need help? Book your free, confidential consultation at DavidSklar.com

In this episode, we debunk common myths about the confidentiality of declaring bankruptcy in Canada. Worried about who will find out if you file for bankruptcy? We break down who is legally informed and why your financial fresh start is more private than you might think.

For personalized advice and a free consultation, visit David Sklar & Associates.

Link to Blog: Who Will Know That I’ve Declared Bankruptcy?

Many people struggling with debt in Ontario have considered filing for personal bankruptcy but are concerned about losing their assets and the consequences that follow. In some cases, bankruptcy is the right solution, however, most debt problems can be solved with a Consumer Proposal, the #1 alternative to bankruptcy. 

A Consumer Proposal is a way of consolidating all your debts and offering to pay your creditors a smaller percentage of what you owe them. It’s a legal agreement you make with the help of a Licensed Insolvency Trustee and is a federally regulated program. It also has several advantages over a bankruptcy, whereby you get to keep all your assets, freezes interest charges, stops collection calls, and stops any legal actions made against you. Once your consumer proposal is accepted you will make one low monthly payment to your Licensed Insolvency Trustee, who will then distribute the funds to all your creditors.

Listen in and find out why a Consumer Proposal is the #1 alternative to bankruptcy.

Related Links:

What is a Consumer Proposal?
https://davidsklar.com/blog/what-is-a-consumer-proposal/

Consumer Proposal or Bankruptcy? What Is the Best Choice for You:
https://davidsklar.com/blog/consumer-proposal-or-bankruptcy-what-is-the-best-choice-for-you/

The Role of a Consumer Proposal Administrator:
https://davidsklar.com/blog/the-role-of-a-consumer-proposal-administrator/

One of the most frequently asked questions we receive is, “Will my credit be affected, and will I still be able to use a credit card after I file a consumer proposal?” The short answer is yes, a consumer proposal will impact your credit rating and yes, you will still be able to acquire a credit card after you file. A consumer proposal will have an effect on your credit report, but these effects are temporary and vary depending on the repayment terms of your proposal.  Listen in and find out how you can quickly rebuild your credit after filing for a consumer proposal.

Related Links:

Can I Apply for Credit During a Consumer Proposal?:
https://davidsklar.com/blog/can-i-apply-for-credit-during-a-consumer-proposal/

Consumer Proposal or Bankruptcy? What Is the Best Choice for You:
https://davidsklar.com/blog/consumer-proposal-or-bankruptcy-what-is-the-best-choice-for-you/

The Role of a Consumer Proposal Administrator:
https://davidsklar.com/blog/the-role-of-a-consumer-proposal-administrator/

In this podcast, we sit down with Shirley Sklar a certified insolvency counsellor at David Sklar & Associates and discuss the emotional impacts living in debt can have. Being in debt is stressful, It can put a strain on you, your family, and even your job performance. The emotional effects of debt include depression and anxiety, resentment, and stress, all of which are known to cause people to make more impulsive decisions.   

 Related Links: 

Financial Stress in the Midst of the COVID-19 Crisis: https://davidsklar.com/blog/financial-stress-in-the-midst-of-the-covid-19-crisis/ 

What Are the Consequences of Living with Difficult Debt? https://davidsklar.com/blog/what-are-the-consequences-of-living-with-difficult-debt/ 

Facing Debt Together With Credit Counselling In Toronto: https://davidsklar.com/blog/credit-counselling-toronto-facing-debt-together/

In this episode, we discuss the common mistakes people make when managing their finances.  How to overcome feeling defeated or wanting to give up.  The mistakes people make using credit. Setting boundaries with your children and common roadblocks. 

Creating a financial plan and sticking to it, is the most effective way of getting out of debt and staying out of debt! 

Related Links: 

The Truth About High-Interest Loans VS. Consumer Proposals & Bankruptcy

12 Habits to Achieve Debt-Free Living

How to Break Your Bad Spending Habits for Good

Break Free of the Paycheque to Paycheque Trap

Welcome to the Debt Free Life Podcast.  In this episode, we take some time to learn about David Sklar & Associates, what they do and how they can help people struggling with debt.  The world of insolvency can be intimidating and confusing to a lot of people.  In this episode, David Sklar takes the time to explain what we do and how we can help.  Compassion and Empathy is the driving force behind our business and it’s why David Sklar & Associates is the first choice for people looking to rebuild their financial lives. We are here to help!

Related Links:

The Role of a Consumer Proposal Administrator: https://davidsklar.com/blog/the-role-of-a-consumer-proposal-administrator/

12 Habits to Achieve Debt-Free Living: https://davidsklar.com/blog/12-habits-to-achieve-debt-free-living/

What Is a LIT? And What Do They Do?: https://davidsklar.com/blog/what-is-a-lit-and-what-do-they-do/