Carlos & Joana: Seniors Declaring Bankruptcy

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Relief & Hope for Seniors  – Filing Bankruptcy in Ajax – Carlos & Joana

When they were both in their 50s, Carlos and Joana (not their real names) immigrated to the Ajax / Toronto area. Originally from Brazil, they had worked hard to help their children immigrate to Canada, and eventually followed them.

Although Carlos was an excellent craftsman, he had difficulty learning English and was unable to get the type of employment he was used to. However, he was able to find work as a labourer in a related field.

Eventually, they found a small home in Ajax that was close to their children and had a backyard that was large enough for a good sized garden and Carlos’ workshop.

At age 67, health issues forced Carlos to retire from his job.

Two years after retirement, Carlos discovered that he had to replace their old car. Unfortunately, without realizing it, he signed a contract for a new car at monthly payments of over $400 per month. When he tried to explain the situation with the dealership, he was told he had no option and that he had to keep the car.

Uncertain of what he should do, Carlos finally spoke with his oldest son (an accountant). His son was unable to get anywhere with the dealership or the leasing company and had to convince his father to speak with a bankruptcy trustee. With their permission, he booked his parents an appointment with David Sklar & Associates.

Their appointment was set up with Veronica Horta, an Estate Administrator and Certified Insolvency Counsellor who in addition to being knowledgeable, experienced and caring – speaks fluent Portuguese.

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During their first meeting with Veronica, Carlos and Joana were understandably nervous, however as Veronica reviewed their finances and explained their options, they realized that there was still hope.

One of the things that was discussed was credit. In Brazil, they had not had any exposure to credit cards and as a result, did not fully understand how they worked. This was in large part why they had $59,000 in credit card debt from a failed business venture.

A review of their finances showed the following:

  • Non-exempt Assets: $12,000 Equity in home
  • Mortgage: $245,000 (monthly mortgage payment $800)
  • Credit Card Debt (5 cards): $59,000
  • Monthly Car Lease Payments: $420
  • Monthly Net Income: $2,200/month

After discussing all of their options with Veronica and the trustee, they chose to file for bankruptcy.

Carlos and Joana, were able to keep their home, as their children raised $12,000 to put into their bankruptcy estate, to replace the $12,000 of home equity. Their mortgage was a secured loan, and as such was not part of the bankruptcy.

The lease car was returned to the leasing company.

Since Carlos and Joana did not have any surplus income, their bankruptcy lasted for 9 months. During that time they submitted monthly budgets, attended credit counselling and made monthly payments of $200 into their bankruptcy estate for disbursal to their creditors.

At the end of their bankruptcy they were released from their credit card and car lease debts.

Although they wish they had not had to use bankruptcy, both Carlos and Joana were pleased that they were able to keep their home and get a fresh start.

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

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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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kevin mcweeney
01:13 22 Dec 22
The team at David Sklar & Associates is fantastic.I worked with Jerry whom not only made - what seemed like intimidating process to initiate at first - comfortable.He made everything transparent and took the time to explain the process every step of the way.He was kind, attentive, and professional. Everything was made straightforward and stress free and we found a solution together that worked.Thanks to Jerry and the team.
Jordie Angiolillo
18:22 21 Dec 22
From day one till the end which is today😁 DavidSklar gave me a 5star service and treatment. And I will 100% recommend him and his Associates. This is the best Christmas present ever! Thank you David! More business to come! Merry Christmas and a Happy New Year!!!
barbee diaz
16:37 16 Dec 22
I FOUND DAVID SKLAR & ASSOCIATES BY GOOGLING "BANKRUPTCY" (EARLY NOV. 2021). ON NOV.4, 2021 I HAD A MEETING WITH CORI NARON AT HER OFFICE AT ST CLAIR ANDBATHURST. HER POSITIVE APPROACH TURNED ASTRESSFUL SITUATION INTO A STEP BY STEP UNDERSTANDABLE PROCESSON SEPT. 23, 2022 I OBTAINED MY AUTOMATICDISCHARGE FROM BANKRUPTCY AND MY CERTIFICATE OFDISCHARGE.THANK YOU CORIBRUCE BURGESS
bruce burg
21:35 02 Dec 22
Jerry was wonderful and provided superb service. He is very knowledgeable, trustworthy, and made an intimidating and shame filled time in my life stress free. I hesitated for a long time to take the next step, but Jerry answered all questions, was patient and made the process effortless. I am eternally grateful, and highly recommend Jerry’s services.
M J
18:41 01 Dec 22
Jerry was professional and was easy to deal with
Debbie Asquith
00:09 29 Nov 22
I was quite nervous and a little embarrassed that I needed financial advice. I met with Jerry Janiec and he was very helpful. He made me feel comfortable and explained everything in easy to understand terms so that I understood what my options were. I would recommend David Sklar & Associates for anyone in my position.
Melissa Blackburn
19:53 17 Nov 22
I was fortunate enough to be referred to David Sklar & Associates Inc. by a family member. Now in the10th month of a Consumer Proposal process, I am very impressed with the organization, professionalism and impeccable customer representation that I have experienced. To this effect, I amparticularly thankful to Jerry Janiec and Rhoda Lewis for their excellent work.
Suzanna Vaclavik
12:21 16 Nov 22
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