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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My visit at David Sklar & Association was great. I met Samycha and she was amazing and treated me with compassion and was never judge by anyone there at the office. I will recommend anyone that is looking for a new start in life again to book an appointment at David Sklar & Associate's. All the staff there is very polite and treat you like you are special.
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David Sklar & Associates… they work for you. They do everything they can to help you get out of debt. They lower your debt, then help you rebuild your credit. They care about helping Canadians get out of debt.I’m in a fair amount of debt, and they almost cut my debt in half for me, and in just five years, I will be debt-free, because of them. I’ve been sick because of the amount of debt looming over my head. After my first meeting with Grace, I feel so much better. Grace set up a Consumer Proposal to help me get out of my debt, and I can see an end to my debt. My mental health has gotten so much better since that first meeting, and I owe it all to Grace, and everyone at David Sklar & Associates. Thank you, all!
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