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

Take Your First Step Towards A Debt Free Life

If you are overwhelmed by debt, call us at 1-844-962-9200 to book a FREE, confidential appointment. We will review your financial situation in detail and discuss all of your options with you. Alternatively, you can fill out the form below and our team will reach out to you. 

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The team at David Sklar and Associates Inc are very professional and are willing to help you get out of debt. Highly recommended.
Melissa MacKenzie
12:35 29 Mar 23
I would like to thank the team at David Sklar and associates inc. for all the time and effort they put in to support this process for me. This topic can be challenging to disclose but a big thank you to Christine for going above and beyond in guiding me through all my options and supporting me through the decisions. I cannot recommend this group enough , as they have shown me compassion , knowledge , and understanding throughout the entire process. I look forward to the next step of this process and learning how the proper way of becoming financially educated through the support of their financial counselling team. For anyone who is struggling , just know that there is a wonderful group of educated professionals at David Sklar who are available to help!
Michelle Plouffe
18:45 14 Mar 23
It took me awhile to get up the courage to contact David Sklar but I’m so glad I did. Trina walked through my options with me and provided the knowledge I needed to make a decision to help turn my financial situation around. She is patient and empathetic and answered any and every question that I had. Trina provided me the reassurance I needed that I was making the best decisions for me and my family. I’m so happy that I reached out and now have a plan to get back on track.
M. Mackenzie
19:59 12 Mar 23
Trina was very helpful and thorough.
Sam M
15:26 12 Mar 23
Christine was very helpful, kind, and understanding. She explained everything thoroughly, answered any questions I had, and was responsive to any concerns I had. 100% would recommend
Katherine Campbell
17:29 08 Mar 23
Jackie Stanley is excellent she took the time to explain everything to me and I am so grateful to her for giving me a fresh financial start so if you have any doubts don’t and go see her if you want to achieve financial freedom!
Heather Helfield
21:24 06 Mar 23
Amazing friendly staff that knows what they are going. They make a difficult situation not so bad. Would give 10 stars if I could.
alie Balan
22:37 25 Feb 23
Very helpful and kind and gave me all the available options before helping me decide which one was best for me. I would definitely recommend Jackie
Alison Rivard
01:01 21 Feb 23
Great experience i was in financial trouble and someone of my friends recommended this company. Cori is a wonderful and welcoming person she did a very good job and came up with a smooth and flexible monthly payment after the reduction. i highly recommend this company. Thank you David sklar and special thanks to Cori.❤️🙏🏻
Jasmine Joseph
22:08 13 Jan 23
Met up with Mr. Jason Sklar to discuss more in person, very thorough and clear. He is very kind and thoughtful, I will be referring anyone with the same situation to David Sklar & Associates.
Ariel Domingo
02:33 29 Dec 22
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