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.

*** ***

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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