‘Barry’ a Case History: Bankruptcy in Mississauga – Finding Hope
‘Barry’ (not his real name) was a quiet, pleasant young man in his late twenties, with a history of depression and other medical issues. Although he had been able to work at a local shop for several years, he still needed the emotional support of his parents. As a result, he had never moved out of his parents’ home in Mississauga.
While he was employed, Barry was able to get credit cards from several department and specialty stores. Unfortunately, he would periodically run up his cards and be unable to make the required payments. This led to his taking out a high-interest, unsecured debt consolidation loan. Although he paid off his cards with the loan, he continued to use the cards and ended up further in debt.
After losing his job in 2006, Barry was unable to find further work.
Barry’s parents made his credit card and loan payments for him – until the burden became too great. Once they stopped paying, Barry began to receive aggressive collection calls.
On the advice of a friend, Barry’s parents sought the help of a lawyer, who referred them to David Sklar & Associates (DSAI).
** **
During their initial, free consultation at DSAI, Barry and his parents met with Rhoda Lewis, a Certified Insolvency Counsellor and Estate Administrator.
During the review of Barry’s financial situation, the following was covered:
No Assets
No Secured Debt
Unsecured Debts:
| Unsecured Debt Consolidation Loan | $8,500 | |
| Bank Overdraft | $1,400 | |
| Credit Cards Totalling | $2,800 | |
| Total Unsecured Debt: | $12,700 |
No Income
After discussing all of Barry’s options with Rhoda – Barry and his father decided that a bankruptcy would be the best choice. They both felt that it would be a healing process for Barry to deal with his debts.
Barry’s parents decided to pay the $200 monthly fees for his 9-month bankruptcy.
DSAI filed his bankruptcy and during the next 9 months, he complied with the terms by filling in monthly budgets and attending credit counselling sessions.
In 2008, Barry’s bankruptcy was completed and he was discharged from his debt.
The financial ‘fresh start’ that Barry earned through bankruptcy, helped to make his and his parents’ lives, a little easier.
To protect our client’s privacy, aspects of this case study have been altered.
