Kelly: Filing for Bankruptcy after Marriage

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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.

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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

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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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