Tony: Bankruptcy Brampton

Table of Contents

Facing Financial Facts in Brampton

When Tony (not his real name) first came to the David Sklar & Associates’ Brampton office, he was very clear about two things:

    1. his current financial mess was 100% his own fault and
    2. he wanted to learn how to ‘get his financial act together’.

At 30, he was a hard working ‘regular guy’, who had never really saved for anything. Everything he wanted, he had gotten on credit.

As he move through his credit-funded life however, he found it harder and harder to get the credit he ‘needed’. So much of his paycheque was going towards credit companies and banks to pay for past indulgences, he had very little left to live one. Finally, he started missing payments, his car got repossessed, and his answering machine was full of messages from bill collectors.

During his first meeting with Jason Sklar, Estate Administrator – Tony was very clear. He wanted help to get out of his current mess and he wanted to learn how to ‘get his financial act together’.

A close examination of Tony’s financial situation showed that he had:

Monthly Net Income:$2,340
Assets:Furniture$1,500
Personal Effects$2,000
No Secured Debts
Unsecured Debts:3 Credit Cards Totalling$18,000
Line of Credit at Bank$10,000
Overdraft at Bank$450
Total Unsecured Debts $28,450

Together, Jason and Tony explored all of his options. After careful consideration, Tony decided to declare bankruptcy. This was not an easy decision for Tony, but complications in his life made a 5 year consumer proposal undoable.

Under the Ontario Execution Act, Tony’s furniture at a value of $1,500 and his person effects at a value of $2,000 were exempt from bankruptcy.

Tony’s income of $2,340 per month, meant that as a single man with no dependents, he had ‘surplus income’ and would have to pay $207 per month into his bankruptcy estate for disbursal by his trustee to his unsecured creditors.

As a first-time bankrupt with surplus income, Tony’s bankruptcy would run for 21 months. During this time, he would be required to submit monthly records (including paystubs) of income/expenses, honour the terms of his bankruptcy, and attend Credit Counselling sessions.

Tony is at the very early stages of his bankruptcy, but he is already showing signs of success. He is following a budget, and is working hard at learning the skills that will help him ‘get his financial act together’.

To protect our clients’ privacy, aspects of this case study have been altered

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I had a great experience with Jerry Janiec and his team at David Sklar and associates. Within a week I was already accepted and filed for bankruptcy and in a few months I will be debt free! It feels like a lot of stress is off my shoulders. Jerry and his team are very friendly, helped me along the way and was there to explain every detail of the process with me. He gave my his card and is just an email/call away if I need any help with paperwork and completing my duties. He is a very patient and kind professional and I am so glad I chose him and this company to help me fix my financial problems. If you need help with a consumer proposal or bankruptcy (like I did) I highly recommend Jerry Janiec and David Sklar and associates!
Lisa Gomez
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Very professional and caring. Cori, explain everything and listened to my situation. If I didn't understand, she will explain it again. I'm glad that I went to David Sklar and Associates for my financial difficulties.
Richard Hong
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Great experience with this company . Especially Jennifer N. communication was amazing and really helped out my situation. Highly recommended her and David S .
Jay Mil
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Everything went well. I will update in 5 years
Trisha C
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My experience with Cori was phenomenal. Cori took the time to explain the process thoroughly, listened to my concerns and reassured me. Cori has exceptional people skills and cares about the people she is helping. The experience throughout was professional, kind, warming and inviting.
Angie
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A huge thank you to Jackie S and to the David Sklar and Associates team. Steps made easy , Jackie S has been there during the entire process , whether it was through emails or phone calls . I felt acknowledged and respected . I’d recommend David Sklar and Associate at a heart beat !! Cheers , Dennis
Dennis Armstrong
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Very happy to talk with grace and she explained my options.Grace is very knowledgeable,friendly,and helpful. She made feel very comfortable,with her help I am on the road to be debt free. She relieved so much stress. I highly recommend them.
Kelley Roberts
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David Sklar & associates is the place to be if you’re looking for help on your debt consolidation. Kudos on their staff Miss Grace Cuffaro who were very patient guiding me on complying all required documents.
Nhie GU
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Reduced my stress and gave me a second life. Sincere heartfelt thanks to the team.
Selvaraj Dhanagopal
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I am very pleased with the experience with your company. Great customer service and very professional. They made me feel like dealing with caring and friendly people. Jackie is a sweet lady. All of them very helpful.
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