Kelly: Filing for Bankruptcy after Marriage

A Much Needed Fresh Start for a Mother of One –  Aftermath of a Marriage Breakup & Bankruptcy

Kelly (not her real name), was in her mid-twenties and overwhelmed by the chaos her finances had become.

This newly-single, mother of one, was unable to keep up the payments on her debts, was struggling to pay for her modest apartment in North York and finding it financially hard to raise her daughter.

Added to this, her creditors had begun calling her, demanding payment and threatening to put a garnishee on her income.

Unable to cope with the added stress of collection calls and fearful that she would lose some of her much-needed income to a garnishee, Kelly decided to get help.

She called David Sklar & Associates and booked a free consultation.

*** ***

At her first meeting with Ashley Carter, Estate Administrator – Kelly felt hopeful for the first time in ages. Ashley’s calm, caring professionalism enabled Kelly to look at her financial situation with total honesty.

Together they reviewed her finances in detail.

After childcare expenses, Kelly had an income of approximately $1,700 per month. With no assets, beyond those exempted from bankruptcy in Ontario, she simply did not have the resources to repay her debts.

Kelly had two unsecured debts – a line of credit at $11,500 and a credit card at $3,500.

Although Kelly’s husband had run up most of the debt on the line of credit and the credit card – only Kelly’s name was on the agreements – which meant that she alone was responsible for their repayment.

As they reviewed her financial situation, and discussed all of her options, Kelly felt that bankruptcy might be her best choice.

As a first-time bankrupt with no surplus income, her bankruptcy would be completed in 9 months, if all the conditions of her bankruptcy were honoured. Those conditions included 9 monthly fees of $200; monthly submissions of spending and earning records; and attending credit counselling sessions.

At the end of her bankruptcy, she would be released from her unsecured debts.

After a further review with the trustee, Kelly decided to file for bankruptcy.

Once her bankruptcy was filed, her unsecured creditors were notified, and all collection calls and legal actions were stopped.

Kelly found the monthly reporting both challenging and empowering. She was taking control of her finances – and learning to be proactive, rather than just reactive. The credit counselling sessions gave her more confidence as she learned ways to better manage her money and avoid debt in the future.

At the end of her bankruptcy, released from her unsecured debt and empowered with her ability to better manage her finances, Kelly felt ready to make the best use of her fresh financial start.

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 and live in the Toronto area, call us at 416-498-9200 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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I cannot emphasize enough how thankful I am for Jackie Stanley's help with filing for bankruptcy.All of us dread being put in this position and we have a million questions about the process but trust me Jackie makes it so easy for you that you don't have to do anything yourself!She is very kind and friendly and puts you at ease right away. She emphasizes with you and let's you know it's not your fault.Most importantly when you leave that first meeting you will not believe the load that is taken off your shoulders. You can actually feel it!You are a godsend Jackie and I can't thank you enough!!I hope you are highly valued there as much as you are by me!
Sue Murray
18:45 05 Dec 21
Putting together and executing a Consumer Proposal can be daunting, that is unless you work with Cori Naron at David Sklar & Associates Inc. Cori's advice and support has been instrumental over the past five years. Thank you Cori!!
Barry Kuntz
20:37 01 Dec 21
I’m very happy with the services I received for Jackie Stanley who helped me get my finances in order. It was a quick and easy process & all of my questions were answered.
Amanda Frappier
01:18 19 Nov 21
I have had the privilege of being supported by Jackie at David Sklar Associate. She was very helpful, very professional and very friendly. She gave me the help I need. Thank you Jackie for your help.
Alex Taylor
22:03 17 Nov 21
Got my probe solved, great service
arny raposo
17:02 11 Nov 21
Jackie at Daivid Sklar and Associates is such a pleasure to work with. She explained everything in great detail and is always there when I have a question or concern. She really cares about her clients.
Steve Medica
09:33 10 Nov 21
I filed a proposal with another group, which came in as a referral from one of my brokers. My experience went from ok to bad to worse, due to lack of communication and education on the process I was to embark on. I worked with Cori Naron in the past, and I came to her now for help on literally doing the work that the other group should have done. Cori stepped in, educated me, advised on rights, responsibilities, how the process works and what potential outcomes may happen. I do not have enough words of recognition and gratitude for what she did - she alleviated stress, anxiety, dead-end thoughts and she made me live again. Congrats to DSklar for hiring her and retaining such talent.
Giani Kokolakis
18:45 25 Oct 21
Very professional service. Before contacting David Sklar & Associates i contacted bunch of other firms they seemed fishy. After I spoke with Jason Sklar at Hamilton Office I discovered professionalism with hope. I was explained every step of my situation with solution professionally. Thank you David Sklar & Associates.
Wajay Awan
07:29 12 Oct 21
I met David a few months ago and i am glad I did. He has helped me all the way through my bankruptcy with good advice and explained every step of the process. David is a very down to earth and very professional. Anytime I've had a question I was able to reach out to David by phone or email and he always got back to me. If your struggling with your bills and need a way to get help, I strongly recommend David Sklar &Associates to help you. My experience with them on 1-5scale would be a 5;; My life is so much better now, thanks to David Sklar.
Bruce Locke
16:13 08 Oct 21
I have had the privilege of being supported by Jackie S, at David Sklar n Associate.She was helpful, professional and friendly. I was able to get the help I needed at a difficult time in my life. I would recommend anyone who needs support with working out their debts to ask for Jackie, she will be waiting to assist however she can to help you through your debts. She works with a team who is always ready and responsive.Thank you Jackie and your team:)
Denise Simpson
15:17 09 Sep 21
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